Nike fundamentals remain challenging through Q1, says Wells Fargo

Wells Fargo says Nike fundamentals remain challenging through Q1. Direct-to-Consumer and China reads are weak — along with a subdued launch calendar and low resale premiums –, while supplier checks also suggest that current “Franchise Management” efforts may need to be extended into CY25, Wells adds. The firm has an Overweight rating on the shares with a price target of $86.