Nike Faces Multiple Downgrades and Price Target Cuts, Including $75 from UBS

Nike's stock has faced a series of downgrades and price target cuts from multiple financial institutions. BofA Global Research has reduced its price objective for Nike to $104 from $113. TD Cowen has lowered its price target to $75 from $89, citing Nike's overexposure to mid-tier, fashion-based trends that are being disrupted by more premium-based brands. Goldman Sachs has adjusted its price target to $105, while Raymond James downgraded Nike to Market Perform from Outperform. UBS downgraded Nike to Neutral and slashed its price target to $78 from $125, noting that fundamental trends are worse than anticipated. Guggenheim has also lowered its price target to $115 from $130, and Wells Fargo adjusted its target to $92 from $115. Stifel has downgraded Nike to Hold and cut its price target to $88 from $117.