Nike price target lowered to $74 from $77 at Guggenheim

Guggenheim analyst Simeon Siegel lowered the firm’s price target on Nike (NKE) to $74 from $77 and keeps a Buy rating on the shares. Nike posted a top- and bottom-line beat and management offered more than typical color, guiding Q4 revenues and gross margin below expectations and the next nine months’ revenues to be down low-single digits year-over-year with earnings “flattish,” the analyst noted.