BOA downgrades Nike, says firm has lost ground in innovation
New York
NIKE Inc shares fell to their lowest price in more than a year after Bank of America Corp (BOA) downgraded the company, saying it's lost ground in a critical area: innovation.
Competitors such as Adidas AG and Under Armour Inc are developing new products at a faster clip, making it harder for Nike to keep them at bay, according to analyst Robert Ohmes. He cut his Nike rating to the equivalent of a "sell" - becoming the first analyst to do so since last year, according to data compiled by Bloomberg.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
HCA beats first-quarter profit estimates on higher patient admissions
US FDA approves Pfizer’s gene therapy for rare bleeding disorder
EU toughens rules on Chinese fashion retailer Shein
Best World under fire from shareholders at AGM over dividends, director salaries
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue