Nike: Susquehanna cuts target due to COVID-19

(CercleFinance.com) - Susquehanna, which has a "positive" opinion of Nike, says that it has cut its target price for the share from 115 dollars to 100 dollars, due to the economic impact of the coronavirus epidemic.


While it believes that the sports equipment manufacturer will emerge unscathed from the current crisis, the US broker is concerned about the greater-than-expected impact of Covid-19 on the group's business - both in and outside China.

Susquehanna also points out that the cancellation of the NBA season - until further notice - will do nothing to calm the nerves of short-term investors, alongside the sales warning issued by adidas yesterday.

The Nike stock is currently down 8.8%, compared to a 7.1% drop in the Dow Jones Industrial Average.


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