- Telsey Advisory Group analyst Cristina Fernández has lowered the price target on Nike Inc NKE to $140 (32% upside) from $170 and kept Outperform rating on the shares.
- The analyst cited near-term risks, including the impact of strict COVID lockdowns in China, demand decline in wholesale channel, given lowered expectations for 2H22 by key partners like Dick's Sporting Goods Inc DKS as the factors that will influence its Q4 earnings.
- Fernández expects the focus to be on the supply chain, including inventory on hand versus in transit.
- While the near term is choppy, the analyst remains positive on NKE as demand for its products remains strong, given the benefit from enhanced connections with consumers.
- Nike will release Q4 earnings on June 27, after markets close.
- Citigroup analyst Paul Lejuez maintained Nike with a Neutral and lowered the price target from $157 to $123 (16% upside).
- Seaport Global analyst Mitch Kummetz downgraded Nike from Buy to Neutral.
- Price Action: NKE shares are trading lower by 2.50% at $105.96 on the last check Wednesday.
- Photo Via Company
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