Nike price target lowered to $100 from $109 at Citi

Citi lowered the firm’s price target on Nike to $100 from $109 and keeps a Neutral rating on the shares. The analyst anticipates Nike’s fiscal Q2 results on September 26 will be in-line with consensus estimates but is cautious on its fiscal 2024 guidance “for several reasons.” The company’s North America sell-in comparisons are very difficult and Street models Q2 sales “too aggressively/optimistically,” the analyst tells investors in a research note. In addition, the firm says recent data points suggest the North America active market is weakening, potentially impacting Nike’s second half of 2023 orders. Citi remains cautious on the shares.