Nike price target raised by $23 at Barclays, here’s why

Barclays raised the firm’s price target on Nike to $142 from $119 and keeps an Overweight rating on the shares ahead of its Q2 results. Nike is headed for margin recovery and earnings upside in 2024, the analyst tells investors in a research note. The firm is citing the company’s positive sales-to-inventory inflection in Q1, upcoming cost input inflection in Q3, wholesale “bottom” in Q2, and DTC re-acceleration. Barclays further notes Nike’s “new innovation cycle” being driven by global sporting events that include 2024 Olympics and 2024 UEFA Euro Championships.