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.