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Reuters
Nike crushed earnings expectations on Thursday afternoon, sending the stock flying more than 10%.
Jefferies says there’s a cheaper way to play the brand’s resurgence though Foot Locker.
Follow Nike’s stock price in real-time here.
If you missed out on catching Nike’s 11% surge following its earnings beat on Thursday, Jefferies may have another option to play the brand’s resurgence.
“We see Foot Locker as a better (and cheaper) way to play Nike, and Under Armour a great way to play industry strength,” Randal Konik, an analyst at the firm, told clients in a note Friday. “We see Foot Locker as a prime beneficiary of Nike resurgence in North America, given that the brand represents ~70% of Foot Locker’s product mix.”See the rest of the story at Business Insider
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