Nike price target lowered to $80 from $82 at UBS

UBS lowered the firm’s price target on Nike (NKE) to $80 from $82 and keeps a Neutral rating on the shares. The firm’s channel checks suggest Nike’s global sales growth trends deteriorated over the last three months, says the analyst, who believes this will lead to Nike reporting weak Q3 guidance that causes the stock’s multiple to slide. The firm expects Nike gives Q3 implied EPS guidance of 47c-57c, below the sell-side’s 66c forecast and the market’s “bar,” which it thinks is 55c-65c, the analyst tells investors in a Q2 earnings preview note.