Nike price target lowered to $107 from $108 at Truist

Truist lowered the firm’s price target on Nike (NKE) to $107 from $108 and keeps a Hold rating on the shares. The company’s FY24 revenue guidance cut to 1% from mid-single-digits reflects incremental pressure being driven by more cautious consumers and elevated promotional levels, though the more stable trends from Lululemon (LULU), Deckers (DECK), and On Holding (ONON) also suggest that Nike is likely losing share, the analyst tells investors in a research note. Nike remains optimistic on its innovation pipeline and margin expansion opportunities, but investors will likely wait for more concrete evidence of top line acceleration before getting more bullish, the firm added.