Williams Trading lowers Nike price target on slower-than-expected turnaround

Williams Trading lowered the firm’s price target on Nike (NKE) to $57 from $80 and keeps a Buy rating on the shares. The period of time that Nike’s turnaround is taking is longer than the firm anticipated, but Williams remains confident of the success. The firm notes Q3 results exceeded expectations, but the outlook, especially in Greater China, was worse than expectations. Williams expects Nike to benefit from this weekend’s Final Four, the upcoming World Cup, the NBA Playoffs, the 2028 Olympics, and many events in the interim.