Nike slides as RBC downgrades rating, cuts price target
BUZZ-Nike slides as RBC downgrades rating, cuts price target
** Shares of sportswear major Nike NKE.N fall 1.3% to $44.07 premarket
** RBC Capital Markets downgrades rating to "sector perform" from "outperform," cuts PT to $50 from $70
** Says, "Nike turnaround under Elliott Hill is making progress, but slower and narrower than we were anticipating"
** Adds, FIFA soccer World Cup, ongoing clean-up efforts and a lack of growth drivers are unlikely to drive a sustained improvement in revenue trends through the rest of 2026, leaving limited near-term upside
** 18 of 41 brokerages rate NKE "buy" or higher, 21 "hold" and 2 "sell"; median PT $56 - LSEG-compiled data
** YTD, as of last close, NKE down about 30% vs broader S&P 500 index's .SPX 7.9% rise
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))
Recent news on Nike
See all newsWall St Week Ahead-Jobs data, rate bets in focus as US stocks close solid first half
Wall St Week Ahead-Jobs data, rate bets in focus as US stocks close solid first half
Apple supplier Tata tightens internal controls after data breach, sources say
Wall St Week Ahead-Jobs data, rate bets in focus as US stocks close solid first half
Hong Kong-listed Topsports sinks to all-time low on sales drop