BofA analyst Lorraine Hutchinson lowered the firm’s price target on Nike (NKE) to $80 from $90 and keeps a Buy rating on the shares. Nike has underperformed the S&P since tariffs were announced on April 2, dropping 12% versus the S&P 500’s 5% decline, the firm noted. The firm lowered its price objective to reflect market multiple compression, but thinks tariffs are manageable and that weakening demand for U.S. brands in China is priced in, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NKE:
- Nike’s Resilience Amid Challenges: A Buy Recommendation by Lorraine Hutchinson
- Trump Trade: Auto makers exempt from some U.S. tariffs
- Nike struggles to move production from Asia, difficulty with robots, WSJ says
- Nike price target lowered to $72 from $88 at Goldman Sachs
- Nike price target lowered to $73 from $93 at Williams Trading