BMO Capital lowered the firm’s price target on Nike to $110 from $120 but keeps an Outperform rating on the shares after its Q1 results and affirmed guidance. Investor sentiment grew to “heavily concerned” around China and North America, leading many to expect a guidance cut, and while this was another quarter with declining EBIT, BMO contends that sentiment had “grown too negative”, the analyst tells investors in a research note. Nike’s confidence in the future that is echoing prior views while commending retail partners is likely to drive a relief recovery in shares, BMO added.
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