BMO Capital lowered the firm’s price target on Nike (NKE) to $92 from $95 but keeps an Outperform rating on the shares. The company’s Q3 earnings topped estimates thanks to above-Street sales and better-than-expected SG&A, but the management guided low again and suggested the turn will take more time, the analyst tells investors in a research note. BMO adds however that while turns take time, the firm expects troughing-then-improvement to kick in over the next several quarters and sees opportunity for investors “with duration”.
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