Nike Faces Price Target Cuts By Analysts After Q1 Results, Shares Tumble

NIKE, Inc. NKE reported better-than-expected earnings and sales results for its first quarter on Thursday. However, the company reported a rise in quarter-ended inventories and revenue in the Greater China region also declined from a year ago.

Nike reported first-quarter revenue of $12.7 billion, up 4% year-over-year. The total came in ahead of a Street estimate of $12.27 billion. Earnings per share for Nike were 93 cents in the first quarter, beating a Street estimate of 92 cents per share.

Nike shares fell 10.8% to $85.07 in pre-market trading.

These analysts made changes to their price targets on Nike after the company released quarterly results.

• Telsey Advisory Group cut price target on Nike from $125 to $110. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating on the stock.
• Citigroup lowered Nike’s price target from $113 to $93. Citigroup analyst Paul Lejuez maintained the stock with a Neutral.
• RBC Capital reduced Nike price target from $125 to $115. RBC Capital analyst Piral Dadhania maintained an Outperform rating on the stock.
• Goldman Sachs cut price target on the stock from 120 to $98. Goldman Sachs analyst Kate McShane maintained Nike with a Buy.
• Jefferies lowered the price target on the stock from $130 to $115. Jefferies analyst Randal Konik maintained the stock with a Buy.
• Cowen & Co. slashed Nike price target from $127 to $114. Wells Cowen & Co. analyst John Kernan maintained an Outperform rating on the stock.