It’s been an off year for apparel companies. With rising unemployment and work from home trends, a number of categories of sales have slumped.
One analyst sees that changing. With companies increasingly moving staff back to the office, and with a vaccine in sight, a number of apparel companies look poised for a sales rebound in the coming year. That should lead to an attractive move higher.
One such player is Nike (NKE). Best known for shoes and sports apparel, sales haven’t been too impacted. Goldman Sachs recently updated their view on the company, citing the firm’s pricing power, increased retail options, and the potential for more growth in the athletic space in the coming year.
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Shares of the firm are already up 40 percent in the past year.
Action to take: Shares are a little overbought in the short-term. Traders and investors alike should look to buy around the $130 price range. That’s about in-line with the stock’s 50-day moving average. Typically, when the stock hits that level, it bounces higher.
With shares yielding less than 1 percent, investors are better off with an options trade. To play the longer-term trend higher, the March $140 calls look attractive. Last trading around $7.40, traders can likely pick these options up in the $6 range on a slight dip to the $130 price point. Look for mid double-digit returns form there.