RBC Capital keeps an Outperform rating and $134 price target on Nike ahead of its Q1 results on September 28th. While the quarter is unlikely to see “fireworks” due to soft U.S. retailer reporting and China macro, including back-to-school that is under some pressure, the company is set for a more favorable setup in 2024, the analyst tells investors in a research note. RBC expects inventory destocking to ease followed by improving product inflows, lower input and freight costs and a neutralizing FX environment while noting that the stock has also “de-rated”, falling 9% over the past three months.
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