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Nike: Wedbush cuts target price

( - Wedbush maintains its "outperform" rating on Nike shares, while lowering its target price for them to $139 (from $145 - cp: $124.
5, -1%), after the sporting goods supplier reported better-than-expected Q3 results.

The broker notes that while Nike raised its full-year revenue growth forecast, it also lowered its annual gross margin forecast, leading Wedbush to cut its 2024 EPS estimate from $4 to $3.82.

However, it sees a variety of reasons to remain bullish on the business, citing a rapid normalisation of inventory levels, strong brand appeal, the start of a recovery in China and favourable winds ahead for its gross margin in FY 2024.

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