Morgan Stanley raised the firm’s price target on Nike (NKE) to $140 from $138 and keeps an Overweight rating on the shares. An EPS beat in fiscal Q3 "appears likely," though potentially one with less upside compared to last quarter, the firm contends in its earnings preview note. However, the firm also acknowledges intra-quarter channel checks suggest broader North America sportswear demand has softened slightly as the region returned to a push market and promotional activity has worsened somewhat more than previously expected, as confirmed by Adidas (ADDYY) and Puma (PUMSY).
Published first on TheFly
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