Nike (NKE) PT Lowered to $124 at Cowen Into Results on FX

Cowen analyst John Kernan lowered the price target on Nike (NYSE: NKE) to $124.00 (from $127.00) while maintaining an Outperform rating after previewing Q1 results. The analyst is lowering estimates on FX.

The analyst commented, "We are updating our FX assumptions as there was roughly 100bps+ in deterioration in blended FX rates relative to the USD since July. The largest points of uncertainty in the model relate to Europe demand/SG&A, N. America inventory levels and China recovery - all of which have wide ranges of outcomes. We assume management can reiterate revenue growth (ex FX). Lowering price target to $124."

The firm's FY23 EPS estimate moves to $3.66 vs Consensus of $3.74 and our FY24 EPS estimate of $4.42 is below Consensus of $4.54. For FY23 they assume DTC +22% (e-com +30%) and Wholesale -3% globally.

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