Bank of America analyst Lorraine Hutchinson recommends caution in playing Nike (NKE) shares, citing sufficient evidence that the footwear giant has not bottomed yet. Her bearish call on the world’s largest supplier of athletic shoes is significant, given NKE stock is already trading about 45% below its year-to-date high.
From a technical perspective, Nike sits decisively below its key moving averages (MAs), signaling bears remain firmly in control across multiple timeframes.
