Nike: Wedbush remains positive after quarterly results

(CercleFinance.com) - Wedbush reiterates its 'outperform' opinion and cuts its price target from $115 to $97 on Nike, the day after the sporting goods supplier released its results for its final quarter 2023-24.


"NKE's fiscal 4Q24 print isn't likely to do much to improve sentiment on the stock, as they missed revenue and gross margin expectations, demonstrating the ongoing challenges facing the company", the broker says.

" Furthermore, they stated in the press release that these challenges have led them to update their fiscal 2025 outlook," Wedbush continues, which therefore anticipates a reduction in revenue or margin targets at the next press conference.

Stressing, however, that over the long term, Nike has proven to be one of the most successful growth stories in its coverage, it expects the brand to 'regain its mojo', while acknowledging that it "looks like we're going to have to keep waiting longer".


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