Bank of America upgrades Nike after missing the rally in the stock

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Workers install a Nike logo lamp outside the Wukesong Arena in Beijing, August 28, 2019.

Tingshu Wang | Reuters

Nike is staying ahead of the headwinds of the retail industry, according to Bank of America.

The firm upgraded Nike to neutral from underperform and hiked its price target to $98 from $70, catching up to the stock’s recent rally that the firm did not anticipate. Nike’s stock closed at $93.88 on Friday.

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