Nike price target lowered to $102 from $109 at Bernstein

Bernstein lowered the firm’s price target on Nike (NKE) to $102 from $109 and keeps an Outperform rating on the shares. Nike’s Q2 results were “decent,” but the second half guidance was “gutted” due to more aggressive discounting of stale Lifestyle product, the analyst tells investors in a research note. The bar is now reset by the new CEO, and Bernstein expects to see some strong product and marketing in Spring 2025 to build confidence in the comeback, the analyst says, adding that for now, the EPS cut will pressure the stock.