$144 price target and outperformance rating
- Shares of Nike (NYSE:NKE) received a price target of $144 from Cowen. These are the details.
Shares of Nike (NYSE:NKE) received a price target of $144 from Cowen. And Cowen analyst John Kernan maintains an “outperform” rating on the stock.
Kernan has proactively slashed price estimates and targets for Nike, Adidas and Puma as his contacts across the supply chain see tensions in commodity inflation, cotton and freight. And the cancellations of orders in Europe begin. Additionally, Kernan thinks consensus estimates for Nike’s fiscal year 2023 seem too high.
“We are proactively lowering our estimates and price targets for Nike $144 (previously $192), ADS.GR €222 (previously €256) and Puma €86 (previously €96) as our contacts throughout supply chain are seeing inflationary stress from raw materials (oil-based polyester materials), cotton, and freight (air and sea),” Kernan wrote in a research note. Order cancellations in Europe are starting and Adidas will provide more details tomorrow on its Russia/Ukraine and Eastern Europe business (which we estimate at 3-4% of sales).
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