Nike price target lowered to $115 from $120 at HSBC

HSBC lowered the firm’s price target on Nike to $115 from $120 and keeps a Hold rating on the shares. The analyst believes the sporting goods sector could share some similarities with luxury in that the first half of 2024 could be challenging. It will be the second half of 2024 at the earliest before some improvements on the back of several positive catalysts like sports events and leaner inventory situation, the analyst tells investors in a research note. Nike’s large exposure to the U.S. market and “still-elevated “inventories continue to make it more vulnerable in the short term, and it appears that the product cycle is a bit of a slump, says the firm.