Goldman Sachs Slashes Nike Price Target Amid Weak Guidance
Nike's stock price target was cut by Goldman Sachs to $30 from $38, while maintaining a Neutral rating. The company's fiscal 2027 guidance came in materially below FactSet expectations alongside first-quarter results.
The firm cited Nike's weak performance in its Sportswear, Jordan, and China businesses, which declined in the low double digits, mid-teens, and 26% excluding foreign exchange, respectively. However, the Performance business grew in the double digits. The company said significant actions will meaningfully impact fiscal 2027 and continue into fiscal 2028.
Nike's next catalyst is its Investor Day on November 17. Goldman Sachs will look for a better understanding of the company's plans for each of its pressured businesses and management's five-year growth algorithm.