May 18, 2017 / 7:38 PM / 2 months ago

Hedge fund Hoplite pitches Nike as long bet, sees shares doubling

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Shoes are displayed in the Nike store in Santa Monica, California, September 25, 2013.Lucy Nicholson

LAS VEGAS (Reuters) - Hedge fund Hoplite Capital Management's John Lykouretzos on Thursday pitched Nike Inc as a favorite long position, saying that its stock price could double within three years amid strong international growth.

Speaking at the SkyBridge Capital's annual SALT hedge fund conference, the fund manager called Nike a marketing and innovation company. Its stock is relatively inexpensive, trading at its cheapest level in seven years, he said, noting that strong sales should help boost that.

Sales could hit $50 billion by 2020, up from $32.4 billion now, Lykouretzos said.

Reporting by Svea Herbst-Bayliss; Editing by Meredith Mazzilli

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