Nike price target lowered to $75 from $97 at Evercore ISI

Evercore ISI analyst Michael Binetti lowered the firm’s price target on Nike (NKE) to $75 from $97 and keeps an Outperform rating on the shares as part of a fiscal Q4 earnings preview. The firm says that while Q4 was likely the trough for Nike’s revenue and gross margin declines, it sees little incentive for management to offer any optimistic commitments with its initial fiscal 2026 commentary given “multiple new unknowns” since the company last commented on fiscal 2026, including tariffs and China brand issues. Evercore cut its fiscal 2026 earnings per share estimate to $1.50, below the Street’s $1.88, citing the near-term risks that Nike will likely embed in its commentary. Whether Nike pushes consensus as low as $1.50 per share “is less important on the eve of finding out the consumer’s response to tariff-driven price increases across the wardrobe,” contends the firm. It thinks the near-term stock driver will be whether Nike reiterates comments from the Q3 call that Q4 was the trough for revenue.