Nike price target lowered to $117 from $127 at Evercore ISI

Evercore ISI lowered the firm’s price target on Nike to $117 from $127 and keeps an Outperform rating on the shares. While the magnitude of the forward outlook was “worse than we expected,” the firm thinks some of the qualitative commentary “suggest that Nike is heading in the right direction,” the analyst tells investors. With the stock likely to be pressured in the near-term, the debate will quickly focus on whether or not guidance for revenue declines in the first half of FY25 is the “true de-risking moment for Nike,” the analyst added.