UPDATE: Citigroup Downgrades Nike to Neutral on Limited Upside Potential
Citigroup reduced its rating on Nike (NYSE: NKE) from Buy to Neutral but raised its price target from $98 to $101.
Citigroup noted, "For the last several qtrs, Nike's P/E multiple expansion has been driven by double-digit top line growth rates due to strong innovation, global secular growth and higher prices. While we expect futures to still be healthy, futures could start to decelerate to below ~10% over the next 12 mos as the company laps several growth drivers."
Nike closed at $100.84 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.