Nike initiated with a Sell at Redburn

Redburn analyst Geoffrey Lowery initiated coverage of Nike with a Sell rating and $100 fair value estimate. The firm’s currency-neutral sales growth expectation of 8% annually through 2027 is 50 basis points below consensus and hinges on a "sharp inflection" in Greater China given the likely slower growth in North America and smaller incremental contribution from the company’s direct-to-consumer shift.