Analyst Randal Konik downgraded the apparel giant to hold from buy.
He also lowered his price target by $40 to $100, which suggests roughly 10.1% upside from Friday's close. "We see incremental risk ahead for NKE as the wholesale channel is likely to remain pressured and growth in China faces macro headwinds," Konik wrote in a Monday note. "Meanwhile, our consumer survey results indicate that US consumers are likely to reduce spending ahead, with apparel and footwear being the most likely areas of pullback.
Additionally, Jefferies said Nike's growth in China could be "choppy" given the recent slowdown in apparel retail sales in the country, expecting 7% growth in fiscal year 2024 compared to the 12% consensus estimate. Jefferies also pointed to a slowdown in U.S. consumer spending that could lead to further headwinds for Nike. Konik highlighted the firm's recent consumer survey that indicated U.S.
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