Susquehanna Downgrades Nike (NKE) to Neutral

Susquehanna downgraded Nike (NYSE: NKE) from Positive to Neutral with a price target of $54.00 (from $64.00).

Analyst Sam Poser said they are moving the sidelines as Nike's pull model needs to be reinvigorated.

"There's an oversupply of basketball product in North America which will pressure sales and margins," Poser commented. "Near term lack of innovation in select categories is hurting performance worse than anticipated"

The firm is lowering FY18 and FY19 FX-neutral revenue growth from +4.5% and +9.1% to +3.3% and +6.2%, respectively.

For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.

Shares of Nike closed at $53.50 yesterday.

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