Shares of Nike Inc (NYSE:NKE) are up 2% from to trade at $65.49 at last check, after Wells Fargo upgraded the athletic apparel maker to "overweight" from "equal weight," raising its price target to $75 from $60. The firm cited stabilizing sales and improving visibility as the company's strategic turnaround begins to take shape.
Heading for its third-straight daily win, NKE is trading at its highest levels this month. Though the stock is still down 12.8% year to date, optimism amongst options traders hints that traders may also be betting on a recovery.
The equity's Schaeffer's put/call open interest ratio (SOIR) of 0.51 stands in the 1st percentile of readings; meaning short-term traders are leaning more bullish than usual. Options are also looking affordable, per the stock's Schaeffer's Volatility Index (SVI) of 33%, which sits in the 16th percentile of annual readings.
Join thousands of traders who make more informed decisions with our premium features.
Real-time quotes, advanced visualizations, backtesting, and much more.
