Nike downgraded to Hold from Buy at Jefferies

Jefferies downgraded Nike to Hold from Buy with a price target of $100, down from $140. The analyst believes U.S. consumers are likely to curtail spending ahead, with apparel and footwear being the most likely areas of pullback. The resumption of student loan repayments could be a catalyst that weighs further on already soft sales at some of the specialty apparel retailers, the analyst tells investors in a research note. Jefferies also sees “incremental risk ahead for Nike as the wholesale channel is likely to remain pressured and growth in China faces macro headwinds. It lowered fiscal 2024 estimates for Nike and downgraded the shares.