Wells Fargo analyst Kate Fitzsimons lowered the price target on Nike (NYSE: NKE) to $130.00 (from $150.00) while maintaining an Overweight rating following earnings.

The analyst commented, "Quality LT play for investors positioning for defense, numbers now better reset. With sentiment on NKE tougher in recent weeks on China headwinds, we expect the estimates rebase associated with the FY23 outlook can serve as a clearing event, particularly for investors seeking assets typified by strong brands, accretive strategies, and strong balance sheets into a time of greater macro volatility. All in, we're lowering FY23/24 EPS forecasts to $3.72 (from $4.24) and introducing FY24E at $4.33. PT to $130."