Nike price target lowered to $99 from $111 at Truist

Truist lowered the firm’s price target on Nike (NKE) to $99 from $111 and keeps a Hold rating on the shares after the management affirmed its FY24 revenue growth view of 1% and forecast a low-single-digit decline in the first half of the year. The firm remains positive on the steps Nike is taking by focusing on innovation constraining supply of key products and re-engaging more with the wholesale channel, but these strategies will take time, the analyst tells investors in a research note. Truist adds that regaining share against hot brands like Deckers (DECK), Lululemon (LULU) and On Holding (ONON) will not be easy.