Goldman Sachs Downgrades Nike Price Target to $38 Amid China Concerns

Analysts at The Goldman Sachs Group have reduced their price objective for NIKE (NYSE:NKE) from $42.00 to $38.00 in a recent research note.

The move reflects concerns about pressure on wholesale sales and distribution channels, weak demand, and excess inventory in China.

Despite the downgrade, other analysts remain optimistic, with BTIG reaffirming its 'Buy' rating for NIKE and citing potential support from partnerships such as the recent $200 million agreement with the University of Miami.

The company's quarterly earnings data released on June 30th showed a revenue decline of 1.1% year-over-year, but beat analysts' expectations of $0.11 per share.