Nike price target lowered to $77 from $89 at Goldman Sachs

Goldman Sachs analyst Brooke Roach lowered the firm’s price target on Nike (NKE) to $77 from $89 and keeps a Buy rating on the shares. The outlook on Nike is incrementally more cautious near term, with choppy trends expected as the company works through its recovery, particularly given disappointing updates in Greater China and limited clarity on North America wholesale drivers, the analyst tells investors in a research note. Longer term, confidence remains in the “Win Now” actions and Sport Offense strategy, with improving product momentum in running and early signs of recovery in Global Football supporting a path to eventual improvement, Goldman says.