By HARRISON MILLER

Nike stock stepped up early Monday after receiving an upgrade and a price target hike. Shares of the Dow Jones retailer are signaling a breakout from above a key moving average for the first time in almost four years.

JPMorgan Chase on Monday upgraded Nike (NKE) to overweight from neutral and hiked its price target on shares to 93 from 64, The Fly reported, marking the firm's first hike to Nike's estimates in 13 months. Following analysis and discussions with management, JPMorgan expects a multi-year recovery for Nike, starting in the second half of the fiscal 2026. That should drive annual earnings growth in the high-teens to 20% through 2030.

JPMorgan's upgrade comes after Goldman Sachs raised its price target on Nike stock on July 22, according to a note obtained by The Fly. The firm updated its expectations for its U.S. apparel and softlines coverage to reflect tariff rates, including 30% for China; 20% for Vietnam; 19% for Indonesia and 10% for the rest of the globe, and adjusted its price targets. Analyst Brook Roach said that she remains constructive on the resiliency of the consumer and does not see meaningful downside risks to sales estimates this quarter overall for the group. Still, there are risk factors that are "worth watching."

Goldman Sachs raised its price target on Nike stock to 85 from 81 and kept a buy rating on the shares.

Nike Stock

Nike stock jumped 4% to 79.31 early Monday.

Investors could consider Nike at this point above a bottoming base, near a handle buy point of 77.50. The stock is potentially setting up for its first breakout above the 200-day line breakout since November 2021.

Nike stock has advanced more than 7% this month, and is now positive on the year with a 0.8% gain in 2025 through Friday's close.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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