Nike: Jefferies downgrades stock

(CercleFinance.com) - Jefferies today downgraded Nike shares from "buy" to "hold", slashing its target price for them from $140 to $100, in the wake of a slight reduction in its estimates for the sporting goods supplier's FY 2024.


"We see incremental risk ahead for NKE as the wholesale channel is likely to remain pressured and growth in China faces macro headwinds", the broker points out.

"Meanwhile, our consumer survey results indicate that US consumers are likely to reduce spending ahead, with apparel and footwear being the most likely areas of pullback," it adds.


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