Truist Slaps Nike With Sell Rating As Jordan Franchise Implodes Nike's rally from roughly $34 a share in October to above $40 by midweek has done little to ease Wall Street analysts' skepticism about its turnaround strategy. Earlier this week, UBS analyst Pilar Rocafort told clients, " It's still not time to buy Nike ." Truist Securities reinforced Rocafort's caution on the stock in a note Thursday morning, downgrading the shares to Sell from Hold, citing "risks across the portfolio" and "an inflated valuation." "NKE shares are up 19% over the past ~month (vs S&P flat), which we believe reflects positive sector rotations rather than an improvement in underlying fundamentals ," Truist Securities retail analyst Joseph Civello wrote in a note.
Civello maintained a $29 price target and warned that fading Jordan demand , deepening weakness in China, and mounting competition threaten an already expensive stock. How expensive is Nike at around $40 a share?