Nike Stock Slides as Analyst Says Turnaround Will ‘Take Time’ | Global News Avenue

Nike shares (slip) The company fell on Friday after delivery Disappointing income guidance The day before, several analysts chose to lower their price targets.

The turnaround efforts of the sports shoes giant New CEO Elliott Hill JPMorgan analysts say it will “take some time” to reduce its target from $73 to $64. “We continue to look forward to the ‘crawling, walking, running’ setting,” the analyst added.

During the company’s earnings call, Chief Financial Officer Matt Friend said Nike’s fiscal 2025 sales are expected to decline at the low end of the “mid-year” while analysts are expected to decline by about 12%. Nike’s third-quarter revenue decline wasn’t as severe as Wall Street expected, but JPMorgan noted that sales this year were cancelled on Cyber ​​Monday, which was not within the range of Nike’s third quarter last year.

Meanwhile, UBS analysts said they “don’t believe Nike has improved its product classification or marketing to ensure the trend doesn’t get worse,” lowering its target from $73 to $66. Deutsche Bank cut its target to $77 from a price of $80.

Nike shares fell more than 6% intraday, losing a third of its value in the past 12 months.