(News Bulletin 247) – Wedbush Securities announced on Thursday that it had lowered its price target on Nike from 139 to 129 dollars, while renewing its ‘outperformance’ opinion on the stock.
In a research note, the financial intermediary points out that the stock price has largely underperformed Wall Street since the start of the year, with a decline of 6% compared with a gain of 15% for the index. S&P500.
Against this backdrop, Wedbush says it sees an ‘interesting’ setup ahead of next week’s earnings release as market expectations are low.
And while the analyst acknowledges that the normalization of the North American market is taking ‘longer than expected’, leading it to revise downwards its estimates for the financial year 2023/2024, Wedbush says to remain positive on the stock, convinced that ‘better days are on the horizon’.
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