Nike (NKE) PT Lowered to $165 at Telsey Ahead of EPS
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Telsey analyst Christina Fernandez lowered the price target on Nike (NYSE: NKE) to $165.00 (from $190.00) while maintaining an Outperform rating ahead of earnings after the markets close on Monday, March 21.
The analyst expects the focus in 3QF22 to be on: "1) supply chain, including inventory on hand vs. in transit; 2) China, where political backlash and COVID-19 lock downs persist; 3) wholesale distribution, and plans to streamline it further; and 3) demand, which has stayed elevated in NA and EMEA."
Fernandez expects NIke to likely reiterates the FY22 guidance it provided in December of revenue growth in the MSD range, gross margin expansion of 150 bps, and SG&A dollar growth in the mid-to-high teens range.
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