Nike price target raised to $122 from $118 at Cowen

Cowen analyst John Kernan raised the firm’s price target on Nike to $122 from $118 and keeps an Outperform rating on the shares. The analyst said recent changes in FX, inventory clearing, supply chain normalization and cost deflation, along with Nike management’s confidence in their high-teens EBIT margin, albeit at a longer-term time horizon, supports an improving narrative into 2H2023 and FY2024.