Nike price target lowered to $120 from $127 at RBC Capital

RBC Capital lowered the firm’s price target on Nike to $120 from $127 but keeps an Outperform rating on the shares. Competition is heating up, but Nike remains strong in life cycle management and innovation/newness, the analyst tells investors in a research note, stating that the firm believes that the company can deliver a similarly successful transition to 2017. The setup is also “more attractive” heading into FY25, and gross margin recovery thesis remains intact for Nike, RBC adds.