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Nike shares have plunged 31% since the beginning of the year.
Piper Sandler downgraded Nike to neutral and cut its price target to $50 from $60.
KEY POINTS
- Nike's stock remains expensive at 22x projected FY28 earnings despite a 31% YTD decline.
- Nike forecasted a 2% to 4% sales dip for the fiscal fourth quarter, missing analyst expectations.
- Piper Sandler cites delayed impact of Nike's strategy shift and rising athleisure competition as concerns.
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