Nike price target lowered to $139 from $145 at Wedbush

Wedbush lowered the firm’s price target on Nike to $139 from $145 and keeps an Outperform rating on the shares. The firm notes Nike reported fiscal Q3 results that were better-than-expected with constant-FX +19%, with EPS of 79c well above consensus $0.55. The company raised full year reported revenue guidance to positive high-single digits, which implies mid-teens constant-FX growth. However, Nike also lowered the full year gross margin outlook to -250bps, Wedbush adds.