Nike (NKE) PT Lowered to $80 at Needham

Needham analyst Tom Nikic lowered the price target on Nike (NYSE: NKE) to $80.00 (from $84.00) while maintaining a Buy rating.

The analyst comments "In our most recent "Just For Kicks" monthly sneaker report (click here), we stated that we see little near-term risk to NKE estimates. While that's true for FY25 (May'25), we've realized upon building out our FY26 quarterly estimates that it will be difficult for NKE to achieve our prior out-year estimates. For 1H26 (Jun-Nov 2025), we expect another period of YoY declines in sales, margins, and EPS, followed by a return to growth in fiscal 2H26 (Dec'25-May'26). So all in, we remain Buy-rated because the stock has likely found a floor due to the hope that CEO Elliott Hill will right the ship, but the turnaround will likely take ~6 months longer than we previously thought. Our FY25 EPS forecast moves $0.03 higher due solely to FX, but FY26/27 moves down to $2.02/$2.66 (from $2.27/$2.90), and our 12-month PT moves to $80 from $84."

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