Piper Sandler Cuts Nike Price Target Amid Slowing Recovery
Nike's (NKE) stock has been in focus after Piper Sandler analyst Anna Andreeva lowered the firm's price target to $38 from $45 while maintaining a 'Neutral' rating ahead of the company's quarterly results.
The move follows BofA's downgrades on Friday, where the firm lowered Nike to 'Underperform' from 'Neutral' and cut its price target to $30 from $47, citing a longer-than-expected turnaround and weaker earnings expectations.
Piper Sandler raised its first-quarter FY27 sales estimate to align with the Street for North America Wholesale, but lowered its gross margin and earnings per share (EPS) expectations as the promotional backdrop intensified during the quarter.
For the second quarter (Q2) of FY27 and the full year of FY27, Piper Sandler's estimates are now 12% below the Street.