Nike price target lowered to $80 from $90 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Nike (NKE) to $80 from $90 and keeps a Buy rating on the shares. Nike has underperformed the S&P since tariffs were announced on April 2, dropping 12% versus the S&P 500’s 5% decline, the firm noted. The firm lowered its price objective to reflect market multiple compression, but thinks tariffs are manageable and that weakening demand for U.S. brands in China is priced in, the analyst tells investors.