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Analyst Points to Nike Inc (NKE) as Potential Tech Play

Nike is actually a potential technology play as the company continues to move forward. That’s the take from Oppenheimer, which has just upgraded shares of the sneaker giant.

CNBC passes along the firm’s take on Nike.

Oppenheimer raised its rating on Nike shares to outperform from perform, saying the sportswear company is enhancing a globally dominant brand by investing in all things digital.

“A technological evolution is underway at Nike, whereby management is embracing the power of digital as a means to enhance most all aspects of Nike’s business model, including consumer connections, product innovation, and manufacturing,” Oppenheimer’s Brian Nagel said in a note Thursday. “Investors have still yet to grasp fully the degree to which a now enhanced business model of Nike will help to underpin improved results at the company, near and longer term.”

Oppenheimer currently has a $90 price target in place for Nike. Nagel also points to international markets as a growth area for Nike.


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