After reviewing Nike’s (NKE) 10-Q filed after market close on Thursday, Stifel highlights excess inventory in North America, a lessening average selling price headwind, particularly in footwear, and improving inventory alignment outside North America. The tariff-threatened backdrop is “a difficult environment for the middle innings of a marketplace cleanup and reset,” says the analyst, who remains cautious on shares despite the recent selloff given tariff risk to profits. Stifel keeps a Hold rating and $75 price target on Nike.
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