Nike price target lowered to $138 from $145 at RBC Capital

RBC Capital analyst Piral Dadhania lowered the firm’s price target on Nike to $138 from $145 but keeps an Outperform rating on the shares. Heading into the company’s Q4 results on June 29th, the sentiment on the stock is muted given U.S. exposure, elevated inventories and benign China reopening, the analyst tells investors in a research note. The firm adds however that the consensus forecasts are “realistic”, and on a relative basis, Nike’s growth momentum, progress on inventory clearance and brand heat are amongst the strongest in the sector.