Nike Stock Retreats as Sales Fall Short in Q4 Report
Nike stock fell in late Thursday trading after missing sales expectations for Q4. Despite a 50% increase in earnings to 99 cents per share, revenue dipped by 2% to $12.6 billion. Nike brand sales dropped by 1% to $12.1 billion, while Converse revenue fell by 18% to $480 million. Analysts at Oppenheimer upgraded Nike to outperform, expecting a turnaround in the second half of 2025.
Top Analyst Downgrades Nike to Sell
Top Street analyst Sam Poser of Williams Trading criticizes Nike for losing appeal and failing to make significant improvements. He predicts a slight miss in Q3 earnings and a cut in FY24 guidance, leading to a downgrade from Hold to Sell with a price target of $85, implying a downside of ~15% from current levels.