Nike slumps after forecasting surprise revenue drop; sport retailers also decline
** Shares of world's largest sportswear maker Nike NKE.N plunge 14.2% to $80.84 premarket
** Co forecasts a surprise drop in FY25 revenue, hurt by weakening demand for its sneakers
** Expects a mid-single-digit percentage fall in FY25 revenue vs analysts' expectations of a 0.91% rise - LSEG data
** Morgan Stanley downgrades co to "equal-weight" from "overweight"; cuts PT on stock to $79 from $114
** Timeline for revenue growth and profit improvement "kicked out" for near-term, recent performance "riddled" with misses and outlook cuts, lowered guidance may not be achievable - MS
** At least four other brokerages cut their PTs on the stock
** Average rating of 40 brokerages is "buy" or higher; median PT at $103 - LSEG data
** NKE's forecast cut weighs on sportswear brands like Britain's JD Sports JD.L and Europe's Puma PUMG.DE that fell 6.65 and 3%, respectively, during their trading hours
** U.S. peers like Under Armour UAA.N also fall 3.2% in premarket trading
** NKE stock down 13.2% YTD, till last close
Reporting by Purvi Agarwal in Bengaluru
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