KGI Securities Downgrades Nike (NKE) to Neutral, 'lackluster'
KGI Securities downgraded Nike (NYSE: NKE) from Outperform to Neutral with a price target of $86.00.
The analyst comments "Nike (US) posted lackluster 4Q FY24 (March-May; FY ends May) results, and provided declining FY25 sales guidance, due to demand weakening in North America and Europe, and macroeconomic headwinds in Greater China. Shares plunged by 12% in after-hours trading on June 27. As new products, which are viewed as salvation from the firm’s market share loses, are launching as late as spring 2025 amid rising market competition, we see pressure on valuations for Nike and its supply chain in 2H24F."
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Shares of Nike closed at $94.19 yesterday.