Wolfe Research initiated coverage on Nike (NKE) with a negative rating. The firm assigned an "Underperform" or "Sell" rating, with some reports using "Strong Sell." It set a price target of $28.00. This move contributes to a bearish sentiment among some analysts.
The new rating reflects a cautious outlook on Nike's stock performance amid growing concerns over its growth prospects in a competitive market.
This initiation follows other recent downgrades and cautious commentary. Morningstar, for example, recently lowered Nike's economic moat rating.
Nike's latest quarterly report showed a 4.3% year-over-year revenue decline. The company has guided for a challenging fiscal year.