Nike price target lowered to $142 from $146 at Wells Fargo

Wells Fargo analyst Kate Fitzsimons lowered the firm’s price target on Nike to $142 from $146 and keeps an Overweight rating on the shares. The firm notes Nike’s Q3 print showed key positives, including inventory progress and building China momentum. While gross margin recapture prospects look strong on even cleaner inventories into fiscal 2024, revenue expectations look to be coming in on lower wholesale assumptions, Wells adds.