Nike price target lowered to $81 from $84 at Barclays

Barclays lowered the firm’s price target on Nike to $81 from $84 and keeps an Equal Weight rating on the shares. The company reported fiscal Q1 results with a miss on sales line due to weakening sales trends in both direct-to-consumer and wholesale, offset by a gross margin and spending beat, leading to earnings upside, the analyst tells investors in a research note. The firm says this was a “low-quality quarter” the inventory now outpaces sales growth and the Q2 guidance was below consensus.