Nike may trim FY forecasts as it resets expectations after CEO change, say analysts
** Nike NKE.N will likely lower its annual forecasts when the sportswear giant reports Q1 results next Tuesday, Oct. 1, according to several brokerages
** Morgan Stanley expects NKE to deliver in line quarterly results and warns a potential FY forecast reduction "would be neither surprising nor unwelcome by investors"
** Brokerage raises PT to $82 from $79; says "seemingly" low valuation leaves room to get more constructive on impending strategy changes under new CEO
** On Sept. 19, Nike named former senior executive Elliott Hill to succeed John Donahoe as CEO on Oct. 14
** RBC Capital Markets hikes PT to $85 from $75, believes NKE will cut FY25 forecast as a clearing event into FY26
** Truist Securities says visibility into future growth will remain limited as it will take more than 18 months to see products from the incoming management team hit shelves, retaining PT at $85
** Truist analyst Joseph Civello remains cautious on China, says recent stimulus package's impact on retail sales is likely more limited in near- to medium-term
** 21 of 42 brokerages rate the stock "buy" or higher, 19 "hold" and two "sell", with a median PT of $93.66
** Up to Tuesday's close, stock had fallen 20.6% YTD
Reporting by Neil J Kanatt in Bengaluru
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