Nike price target lowered to $57 from $72 at Citi

Citi lowered the firm’s price target on Nike (NKE) to $57 from $72 and keeps a Neutral rating on the shares. The firm updated estimates and price targets for athletic brands to reflect the impact of tariffs and a weakening sales backdrop. Citi’s new estimates use 10% tariffs for rest of world and 60% tariffs on China, though it acknowledges the situation remains fluid. With limited China sourcing exposure for most athletic brands and retailers, the 10% tariffs “seem largely digestible for this group,” the analyst tells investors in a research note. The firm prefers brands with “strong momentum who can more easily pass through price” such as Amer Sports (AS), Deckers Outdoor (DECK) and On Holding (ONON).