Nike price target lowered to $70 from $85 at Truist

Truist lowered the firm’s price target on Nike (NKE) to $70 from $85 but keeps a Buy rating on the shares. The company’s Q2 results topped estimates, but China/Converse results were far below the Street and buyside expectations amid further headwinds in both segments pressuring Nike’s outlook, the analyst tells investors in a research note. Progress is bumpy, but the product improvements – primarily in Running with modest green-shoots in other categories so far – along with expansions with existing/new retail partners show that Nike’s turnaround is trending in the right direction, Truist added.