The Ratings Game: Nike’s gloomy outlook leads analysts to lower stock price targets

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Nike is facing heightened competition from Adidas and Under Armour

Analysts moved quickly Wednesday to slash their stock price targets on Nike Inc., after the company reported earnings that beat estimates, but offered a soft outlook for North American orders.

Analysts at Credit Suisse lowered their price target to $60 from $63, but maintained their outperform rating on the stock NKE, -3.78%

Cowen & Company analysts moved their price target to $59 from $63, citing “clear weakness in North America demand from wholesale partners, door closures, uneven traffic.” They also kept their outperform rating.

Nike reported an 8% year-over-year revenue increase to $9.06 billion from $8.41 billion.

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