Nike price target lowered to $91 from $95 at Williams Trading

Williams Trading lowered the firm’s price target on Nike to $91 from $95 and keeps a Sell rating on the shares after having trimmed its Q1 estimates to reflect slightly greater foreign exchange headwinds. The firm, whose proprietary checks continue to indicate that most of Nike’s wholesale accounts are both “underwhelmed by the product offerings for holiday ’23 and spring ’24, but pleased with increased product allocations,” contends that Nike’s FY24 guidance is “overly optimistic and too back-end weighted.”