Nike down after TD Cowen cuts PT on market share loss, Jordan brand fatigue
** Shares of Nike NKE.N down as much as ~3% at $74.38 after brokerage TD Cowen cuts PT to $73 from $78
** Brokerage says the Nike brand looks "tired" and has had marketplace execution missteps
** Notes co ceded market share in running, tennis and lifestyle, while smaller competitors such as HOKA, On, Asics and Saucony performed well
** TD Cowen says NKE needs innovation like Nike Air's scaling in early 90s to break through competition
** Adds the Jordan brand needs reset in growth expectations, as it has excess inventory in retail and resale markets
** 20 of 41 brokerages rate the stock "buy" or higher, 19 "hold" and two "sell" or lower; with a median PT of $94.16
** Including session moves, stock has fallen 31% YTD
Reporting by Neil J Kanatt in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
