Following September's announcement of massive 2016 first quarter earnings and a successful Investor's Day event last week, Nike's Wall Street surge continues today as analysts gave the brand a huge push to an all-time high share value.
According toCNBC, investment banking firm Evercore ISI has issued a new report calling Nike "the next mega-cap juggernaut," putting it into a class amongst brands like Apple, Google, and Amazon. The report saw Nike's price target jump from $150 to $200, with Evercore predicting that Nike's shares could as much as double in the near future.
The Street also notes that analysts at BB&T Capital Market upgraded Nike from "buy" to "hold," meaning that now is an ideal time to hang on to shares, as experts are predicting even more growth for the athletic giant. Much of this is attributed to Nike's recent success in China, an area where many brands are having serious struggles.
Overall, Nike shares are up 38 percent on the year and are currently going for $133.21, the highest they've ever been since the company went public in 1980.
