Nike (NKE) PT Lowered to $80 at Needham & Company

Needham & Company analyst Rick Patel lowered the price target on Nike (NYSE: NKE) to $80.00 (from $105.00) while maintaining a Buy rating.

The analyst commented, "We remain bullish on Nike, which we see as a LT beneficiary of the global health and wellness trend, athleisure, global distribution and market share gains (especially in China), structural shift towards Direct, and digital outperformance. We expect this to drive higher sales and OM% over the long run. Investors should expect Nike to face significant near-term headwinds from Covid-19 globally, and we accordingly lower our estimates. We also decrease our price target from $105 to $80 (30x P/E on our FY21 estimate) to reflect lower estimates. Prior to the virus, Nike had been enjoying strong positive momentum across product categories, channels, and geographies. We expect a return to healthy growth once virus headwinds abate, and we maintain our Buy rating."

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