These Analysts Cut Their Forecasts On Nike Following Q3 Results

Nike Inc (NYSE:NKE) reported upbeat earnings and sales results for its third quarter on Thursday.

Nike reported third-quarter revenue of $12.429 billion, which was up slightly year-over-year. The revenue total beat a Street consensus estimate of $12.281 billion according to data from Benzinga Pro. Nike reported adjusted earnings per share of 98 cents, which beat a Street consensus estimate of 74 cents per share.

The company reported that Nike Direct revenue was $5.4 billion, up slightly year-over-year. Nike Brand Digital sales were down 3% year-over-year in the quarter. Wholesale revenue of $6.6 billion was up 3% year-over-year.

The Nike brand had sales of $11.9 billion, which was up 2% year-over-year. Converse brand revenue was $495 million in the quarter and down 19% year-over-year.

"We are making the necessary adjustments to drive NIKE’s next chapter of growth," said John Donahoe, President & CEO, NIKE, Inc. "We’re encouraged by the progress we’ve seen, as we build a multiyear cycle of new innovation, sharpen our brand storytelling and work with our wholesale partners to elevate and grow the marketplace."

Nike shares fell 6.1% to $94.64 in pre-market trading.

These analysts made changes to their price targets on Nike following earnings announcement.

• Goldman Sachs cut the price target on Nike from $135 to $120. Goldman Sachs analyst Brooke Roach maintained a Buy rating.
• UBS slashed the price target on Nike from $138 to $125. UBS analyst Jay Sole maintained a Buy rating.

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