Nike falls after Berenberg downgrades to 'sell'
BUZZ-Nike falls after Berenberg downgrades to 'sell' ** Shares of sportswear co Nike NKE.N down ~1% at $33.58 premarket
** Brokerage Berenberg downgrades stock to "sell" from "buy", cuts PT to $27.50 from $49
** "Nike appears to have accepted a smaller place in sportswear," analyst Nick Anderson says, noting that co aiming to organise sportswear around smaller areas reads as an admission that the market structure has "shifted irreversibly" against Nike
** Brokerage sees revenues under pressure through FY28, with the management sounding tired and little help from the Pace restructuring plan until FY29, and says China recovery is "not a sure thing"
** Downgrade follows S&P Global cutting its stock rating to 'A' from 'A+' on Monday, with a 'negative outlook,' saying co's turnaround efforts will take more time and higher investments
** 11 of 44 brokerages rate the stock "buy" or higher, 25 "hold" and 8 "sell" or lower; median PT is $34.90 - data compiled by LSEG
** As of last close, stock has fallen ~47% YTD
(Reporting by Neil J Kanatt in Bengaluru)