Nike made ‘progress on several fronts’ in Q2, says Citi

Nuke reported a "big beat" in fiscal Q2 with "progress on several fronts," Citi analyst Paul Lejuez tells investors in a research note. While inventory levels are still high at 43%, the gap between inventory and sales narrowed significantly in Q2 versus Q1 and management said the gap will continue to narrow in the second half of fiscal 2023, says the analyst. However, the analyst continues to see a balanced risk/reward for the shares at current valuation levels.