Nike slips as BofA turns bearish
BUZZ-Nike slips as BofA turns bearish ** Nike's NKE.N shares down 2.4% at $35.13 before the bell on Fri as BofA Global Research downgrades sportswear giant to 'underperform' from 'neutral'
** Brokerage slashes PT from $47 to $30, implying nearly 17% downside to stock's last close
** BofA sees downside risk to earnings estimates and valuation as NKE's turnaround takes longer than expected, and analysts now expect sales to decline in FY27, according to thefly.com
** In June, NKE flagged prolonged turnaround as persistent weakness in China and a cautious outlook overshadowed a modest fiscal Q4 revenue beat
** 13 of 44 brokerages rate the stock "strong buy" or "buy", 25 "hold", 6 "sell"; median PT $44.80, per LSEG data
** Through Thurs close, stock shed 43.5% YTD, well underperforming 5% drop in S&P 500 Consumer Discretionary sector .SPLRCD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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