By Stephen Nakrosis

 

Shares of Nike Inc. are trading higher on the New York Stock Exchange Wednesday, a day after the company's chief executive said sales in China are rebounding.

At 11:22 a.m. EDT, Nike shares had gained 10.48% to trade at $79.88. Volume topped 10.3 million shares, above the 65-day average volume of some 8.7 million.

Nike also said that digital sales helped to offset the loss in retail sales in that country.

Earlier Wednesday, Nike's price target was raised to $84 a share from $80 by Deutsche Bank. Wedbush raised the price target to $93 from $91 and Credit Suisse upped its price target on Nike stock to $92 from $85.

UBS cut its price target to $114 a share of Nike stock from $123, and Raymond James cut its target from $110 to $100.

Also on Wednesday, Moody's said it was revising its outlook on Nike to negative.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

March 25, 2020 11:53 ET (15:53 GMT)

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