Nike price target lowered to $64 from $73 at JPMorgan

JPMorgan lowered the firm’s price target on Nike (NKE) to $64 from $73 and keeps a Neutral rating on the shares. Nike reported Q3 EPS above the Street view with a gross margin shortfall more than offset by revenues, but management guided Q4 revenues to decline at “the low-end” of mid-teens year-over-year with gross margins down 400-500 basis points year-over-year, which the firm sees translating to Q4 EPS of about 3c, or 90% below consensus that had been at 28c. The firm is lowering its FY26 EPS estimate further to $1.23 from its prior “Street-Low of $1.54,” which now stands about 50% below the current consensus at $2.27, the analyst noted.