Nike (NKE) PT Lowered to $44 at Telsey

Telsey analyst Christina Fernandez lowered the price target on Nike (NYSE: NKE) to $44.00 (from $47.00) while maintaining a Market Perform rating.

The analyst comments "Investment Thesis: Overall, the Nike turnaround is progressing slowly and consumers seem tired of some lifestyle footwear styles. Nike is making the right moves by focusing on sports, rebalancing the product portfolio by increasing newness, and strengthening relationships with wholesale partners, particularly in North America. However, sales trends remain weak in large parts of the business—sportswear, international, and DTC—and likely won't show meaningful improvement until FY28. We expect the stock to remain range bound until there is greater visibility on Nike's path back to sales growth and operating margin expansion. We maintain our Market Perform rating and are lowering our 12-month price target to $44 from $47, based on applying a P/E multiple of ~22x to our revised FY28 EPS estimate of $2.00."

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