Nike price target lowered to $129 from $139 at Wedbush

Wedbush analyst Tom Nikic lowered the firm’s price target on Nike to $129 from $139 and keeps an Outperform rating on the shares. The firm believes that buyside sentiment has become overly negative heading into next week’s fiscal Q4 EPS print. Wedbush actually sees an interesting setup into next week’s print: expectations are low, long-term believers likely remain undeterred, there could be enough positive data points for bulls to latch onto, and a below-Street FY24 guide could be viewed as a “clearing event.” Although the longer-than-expected cleanup of the North American marketplace is leading the firm to lower its FY24 EPS forecast to $3.65 from an already-below-consensus $3.82, Wedbush remains positive on Nike’s shares and believes that “brighter days are ahead.”