Nike price target raised to $135 from $130 at Wells Fargo

Wells Fargo analyst Kate Fitzsimons raised the firm’s price target on Nike to $135 from $130 and keeps an Overweight rating on the shares. The analyst notes the company put up an "encouraging" Q2 print, with accelerating 17% top-line growth and better gross margins and SG&A. Net/net, Fitzsimons expects this print to underscore the strength all in of the Nike brand despite a volatile macro, and inventory progress points to a more normalized sales to inventory spread into 2024 and thus margin recapture prospects.