JPMorgan Slashes Nike Price Target Amid Revised Forecasts

JPMorgan analyst Matthew Boss has downgraded Nike from Neutral to Underweight and lowered the price target from $47 to $40.

The downgrade is due to JPMorgan's revised forecasts, which now track about 20% below consensus expectations.

Nike launched its 'Win Now' plan in December 2022 with four key priorities: refocusing on sport and growth, creating emotional connections with consumers through behind-the-brand storytelling, accelerating an innovative product portfolio, growing the marketplace, and forming localized connections.

According to Boss, Nike has made changes across the leadership team, business structure, supply chain, and marketplace in response to these priorities.