On Thursday, Nike shares posted the strongest rise in the Dow Jones index, benefiting from a change in recommendation by BofA, which this morning upgraded to buy on the American sporting goods manufacturer.

The intermediary believes that, after two years of downward revisions to consensus forecasts, which resulted in a 35% reduction in market expectations, earnings estimates for the group have finally returned to reasonable levels.

"We think the valuation is attractive, with the stock trading at its lowest relative P/E in ten years", he adds.

The analyst cites as potential catalysts the company's forthcoming investor day, the first in seven years, to be held next autumn, as well as the new developments that are on the horizon with the holding of the Olympic Games in Paris.

In this context, Bank of America has raised its opinion on the stock from 'neutral' to 'buy', with a price target raised from $110 to $113.

Shortly before 10:00 a.m. (New York time), the stock was up by more than 3% against a generally stable Dow Jones index, bringing the year-to-date decline to 18%.

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