Citigroup has decided to maintain its Neutral rating of Nike NKE and lower its price target from $113.00 to $93.00.
Shares of Nike are trading down 11.72% over the last 24 hours, at $84.16 per share.
A move to $93.00 would account for a 10.5% increase from the current share price.
Nike is the largest athletic footwear and apparel brand in the world. It designs, develops, and markets athletic apparel, footwear, equipment, and accessories in six major categories: running, basketball, football (soccer), training, sportswear, and Jordan. Footwear generates about two thirds of its sales. Nike's brands include Nike, Jordan, and Converse (casual footwear). Nike sells products worldwide and outsources its production to more than 300 factories in more than 30 countries. Nike was founded in 1964 and is based in Beaverton, Oregon.
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