Goldman Sachs analyst Kate McShane lowered the price target on Nike (NYSE: NKE) to $120.00 (from $155.00) while maintaining a Buy rating following earnings.

The analyst commented, "As was generally expected, Nike saw weaker yoy sales in 4Q22 in the Greater China market due to COVID-related lockdowns in cities like Shanghai. These disruptions not only impacted top-line, as Nike took additional charges to manage supply in Greater China, resulting in gross margin pressure in the quarter. Overall, Nike reported 4Q diluted EPS of $0.90 vs. the FactSet consensus estimate of $0.80.

We are Buy rated on NKE with a 12-month price target of $120 (vs. $155 prior) based on our downside/base/upside case relative P/E multiples of 145%/165%/185% (same as prior) and a market multiple of 16.3x (vs. 18.1x prior)."