Nike: shares fall; Morgan Stanley cuts target.
(CercleFinance.com) - Nike shares are down 2.
5% at 52.4 dollars today, after Morgan Stanley reduced its earnings estimates and cut its target price for the share from 68 dollars to 64 dollars.
The broker points out that the maker of sports shoes and apparel's momentum in North America has slowed "much more than anticipated" since the group's Q4 call, with SportScan data showing that sales trends are continuing to slip.
"If these surprisingly weak trends persist, we may revisit our "overweight" call," Morgan Stanley warns in a research note.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
5% at 52.4 dollars today, after Morgan Stanley reduced its earnings estimates and cut its target price for the share from 68 dollars to 64 dollars.
The broker points out that the maker of sports shoes and apparel's momentum in North America has slowed "much more than anticipated" since the group's Q4 call, with SportScan data showing that sales trends are continuing to slip.
"If these surprisingly weak trends persist, we may revisit our "overweight" call," Morgan Stanley warns in a research note.
Copyright (c) 2017 CercleFinance.com. All rights reserved.