Morgan Stanley analyst Alex Straton lowered the firm’s price target on Nike (NKE) to $80 from $82 and keeps an Equal Weight rating on the shares. The firm expects a Q2 beat, Q3 guidance to be set below the Street view and continues to see risk to fiscal year consensus, the analyst tells investors in a preview. However, Nike’s November-to-date stock move “suggests this result is somewhat appreciated” and the firm thinks market focus is on commentary from the new CEO, not fundamentals, the analyst added.
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