Nike up after Deutsche Bank hikes PT, China boosts stimulus efforts
** Shares of sportswear company Nike NKE.N up as much as 3% to a three-month high of $90.62
** Brokerage Deutsche Bank raises PT to $95 from $92, says NKE is poised for a turnaround with a gradual improvement narrative
** China stimulus plan, CEO change news boosting Nike - David Swartz, analyst with Morning Star
** Chinese leaders pledged to deploy "necessary fiscal spending" to hit 2024 economic growth target of roughly 5% and stop decline in housing market
** China also plans to issue special sovereign bonds worth about 2 trillion yuan ($285.28 billion) as a part of this year's fresh fiscal stimulus
** Shares of Lululemon Athletica LULU.O and Under Armour UAA.N also rise about 3%; Foot Locker FL.N shares up ~1%
** Sportswear companies with significant presence in China have reported sluggish demand from the country in past quarters owing to weaker consumer confidence
** Including session's moves, NKE is down nearly 18% YTD
($1 = 7.0106 Chinese yuan renminbi)
Reporting by Anuja Bharat Mistry in Bengaluru
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