Nike, On Holding, and Deckers Outdoor Are Down Between 23% and 43%. Here's the Stock to Buy, Even if the Fed Keeps Hiking Interest Rates.
Nike's deep brand strength makes it the most durable of the three, but On's Mbappé deal shows the challenger is gaining ground.
Overview
Investors have had a rough ride with Nike (NYSE: NKE), On Holding (NYSE: ONON), and Deckers Outdoor (NYSE: DECK) this year, with each stock down between about 25% and 43%. The Federal Reserve just lifted its benchmark rate at the September meeting and signaled it is prepared to stay tough on inflation, which continues to put pressure on consumer names that depend on discretionary spending.
If the Fed keeps hiking, the stock that looks most durable to me in this trio is Nike. Here's why.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.