Nike price target lowered to $95 from $102 at Bernstein

Bernstein lowered the firm’s price target on Nike (NKE) to $95 from $102 and keeps an Outperform rating on the shares. Nike’s Q3 results were a “mixed bag” as positive commentary on new pipeline and order book momentum was offset by continued drag from the inventory clearance for at another three quarters, the analyst tells investors in a research note. The firm says management noted that Q4 is the trough and fiscal 2026 will show a steady sequential recovery, but it will be slow going as the inventory clearance continues to mask underlying growth. This remains a back-half weighted story, contends Bernstein.