Shares of Nike Inc. took a tumble Tuesday toward a two-year low after multiple Wall Street analysts cut their price targets, as the sporting apparel and accessories giant’s disappointing gross margin guidance offset fiscal fourth-quarter profit and revenue beats.
But Wall Street remained overwhelmingly bullish on Nike, as 23 analysts had the equivalent of buy ratings on the stock, and the new target implied about 37% upside from current levels. Stifel Nicolaus analyst Jim Duffy reiterated the buy rating he’s had on Nike for at least the past four years, but dropped his stock price target to $135 from $150. Duffy said not only did fourth-quarter margin miss his forecast for an improvement to 47.0%, the full-year guidance was also “light.”
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