Nike price target lowered to $120 from $134 at Bernstein

Bernstein analyst Aneesha Sherman lowered the firm’s price target on Nike to $120 from $134 and keeps an Outperform rating on the shares following the fiscal Q3 report. A lack of innovation has been the biggest controversy for Nike this year, “and now it finally seems like it’s coming,” the analyst tells investors in a research note. The firm says Nike has a strong 2024 pipeline, with Olympics events and marketing, and being back in the running specialty this fall. Despite cutting fiscal 2025 numbers, the firm is more optimistic on Nike’s long-term prospects of “getting back into a strong innovation cycle that will drive growth and re-rating.”