Citi Upgrades Nike and Broadcom, RingCentral CEO Resigns\n\nCiti has recently upgraded Nike (NKE) from Neutral to Buy and has also lifted its price target. This upgrade is due to the company’s margin recovery, innovation ahead of the 2024 Olympics, and its strong position in China. The upgrade comes just before Nike’s fiscal second quarter 2024 results, which are set to be released on Thursday, December 21 after the market closes.\n\nIn addition, Citi has also resumed coverage on Broadcom (AVGO) with a Buy rating. This has caused the company’s shares to rise by more than 80% year-to-date. Citi’s bullish view on Broadcom is based on the company’s recent VMware deal, core strengths, and AI opportunity. The analysis also highlights Broadcom’s potential to double its AI revenue from $4.0 billion in FY23 to over $8.0 billion in FY24.\n\nMeanwhile, RingCentral (RNG) CEO Tarek Robbiati has resigned, effective December 8th. Founder Vlad Shmunis will be returning as CEO, replacing Robbiati who had only assumed the role in late August. This change in leadership comes after Robbiati’s short tenure as CEO, where he previously served as CFO of Hewlett Packard Enterprise.\n\nThe market has responded positively to Citi’s upgrade of Broadcom, with the company’s shares jumping 6.1% in the morning session. This is due to the company’s strong core business and potential gains from the VMware acquisition. Additionally, Broadcom’s custom AI accelerator offerings have positioned the company for promising growth in the flourishing AI market.\n\n It is important to note that Broadcom’s shares have been somewhat volatile over the last year, with 7 moves greater than 5%. This indicates that while the market considers this news meaningful, it does not fundamentally change its perception of the business. The company’s shares have also outperformed the S&P 500 index by 50% over the last five years, making it a strong investment choice for long-term investors.\n\nIn a Citi’s upgrades and the change in leadership at RingCentral have caused positive movements in the market.