Jim Cramer Shares Hot Take on Nike (NKE) & Elliott Vs Elliott

We recently shared Jim Cramer Rubbished Circular AI Deals & Commented On These 18 Stocks. NIKE, Inc. (NYSE:NKE) is one of the stocks discussed by Jim Cramer.

Athletic apparel giant NIKE, Inc. (NYSE:NKE)’s shares are down by 18.7% over the past year and by 26.7% year-to-date. HSBC discussed the firm on April 13th as it cut the share price target to $48 from $90 and lowered the rating to Hold from Buy. Earlier, Piper Sandler had downgraded NIKE, Inc. (NYSE:NKE) to Neutral from Overweight and cut the share price target to $50 from $60. Innovation at the firm was a key factor in the coverage, as Piper Sandler remarked that the apparel company lacked in this area. In his morning appearance in December, Cramer remarked that NIKE, Inc. (NYSE:NKE) needed lower inventory and higher innovation. As he has slowly become less optimistic about the firm, Cramer wondered in this appearance whether activist investor Elliott Management could play a role at NIKE, Inc. (NYSE:NKE):

“You’ll just love this. Elliott has to take on Elliott. Well Elliott Partners has to take on Elliott Hill at Nike. It’ll be the battle of two titans, Elliott versus Elliott.”

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Here is what Cramer had said about NIKE, Inc. (NYSE:NKE) in December:

“Remember the turns that we need, the Nike turn, the Starbucks turn, the FedEx not kind of minor turn. I think all three of them, Nike has too much inventory still. . .

“I think that he’s worried about, Elliott Hill’s worried about China, he doesn’t have any clarity on China, if he had more clarity on China and he had more innovation which is what I’m counting on. It’s the two Is here, innovation, they need more innovation, and inventory, they need less. If you can get the two Is going, the stock goes to a hundred rather quickly. I think the stock gets three downside and 20 upside.”

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