Citi downgrades Nike, says China backlash may damage inventory in close to time period

A person carrying a face masks walks previous a Nike retailer in Central Enterprise District, Beijing, China on February 17, 2020. Andrea Verdelli | Getty Photos Traders ought to be cautious with Nike because the attire large faces a possible slowdown in China and a lot of different short-term headwinds, Citi mentioned in a notice


A person carrying a face masks walks previous a Nike retailer in Central Enterprise District, Beijing, China on February 17, 2020.

Andrea Verdelli | Getty Photos

Traders ought to be cautious with Nike because the attire large faces a possible slowdown in China and a lot of different short-term headwinds, Citi mentioned in a notice on Tuesday.

Nike is one among a number of attire corporations dealing with a backlash in China concerning statements about labor situations in Xinjiang, a area in southwest China the place Uighur Muslims are a outstanding minority group. That has put strain on the inventory, which was buying and selling at almost $145 per share in mid-March and closed at $132.57 per share on Monday.



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