UPDATE: Credit Suisse Reduces PT to $91 on Nike on Margin Concerns, China Futures
Credit Suisse reiterated its Neutral rating on Nike (NYSE: NKE) and reduced its price target from $93 to $91.
Credit Suisse commented, "Decelerating futures, particularly in China, the company's highest-margin region, and persistence of gross margin pressure suggest that managing the demand environment has become more challenging globally. While the company's geographic breadth is a partial offset (strength in North America, surprisingly robust European business and futures) and inventory balances are largely aligned with sales growth for the first time in 8 quarters), we believe earnings power will remain under pressure through F4Q (May 2013), suggesting limited upside potential to shares near term."
Nike closed at $96.00 on Thursday.
Latest Ratings for NKE
|Apr 2015||Piper Jaffray||Upgrades||Neutral||Overweight|
|Mar 2015||Deutsche Bank||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.