- Telsey Advisory Group analyst Cristina Fernández has lowered the price target on Nike Inc (NYSE: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 (NYSE: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.
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