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Nike is headed into the 'next era' of digital commerce as its metaverse strategy evolves, says Guggenheim
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markets.businessinsider.comInsider Studios
Nike stock is headed for new highs this year, thanks in part to its push into the metaverse, according to a Wall Street analyst.
Guggenheim's Robert Drbul dubbed the athletic-apparel retailer his «best idea» for 2022 in a December 31 note, saying Nike «is rapidly embarking on the next era of its company history,» which he expects to be «digitally led.»
«The brand commands dominant market share, which we expect will grow materially from here as digital scales further, new product innovation remains robust, and heavy investment behind key growth drivers continues,» he wrote.
Drbul maintained a buy rating and a price target of $195 on Nike stock, which was down 1.8% Monday after gaining 18% in 2021.
He said the company is «the
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