Nike price target lowered to $121 from $128 at Raymond James

Raymond James analyst Rick Patel lowered the firm’s price target on Nike to $121 from $128 and keeps an Outperform rating on the shares. Ahead of the company’s upcoming earnings report, the firm lowered its estimates to reflect softer growth in the U.S. and Europe given channel checks and industry read-throughs, while also making adjustments for foreign exchange impacts. However, noting that the stock is down 17% in the last three months, the firm believes “a lot of the risk factors are priced in” and calls Nike “attractive for value investors.”