Nike price target lowered to $115 from $131 at Wedbush

Wedbush analyst Tom Nikic lowered the firm’s price target on Nike to $115 from $131 and keeps an Outperform rating on the shares. The analyst remains “long-term optimistic” on Nike due to its “long track record of success,” but has become “incrementally cautious short-term” due to a lack of product innovation. The firm thinks it is becoming clearer that the “Consumer Direct Acceleration” strategy was a mistake. Given last quarter’s guidance cut and a much easier sales compare in fiscal Q4, the firm does not see much downside risk to management’s current outlook. However, it does not see a beat-and-raise scenario either. Wedbush believes the stock’s march up towards its price target will begin this week post earnings.