Morgan Stanley On Nike's FY24 Trajectory: A Mix of Optimism And Caution with Hints Of Potential Wholesale Restocking
Portfolio Pulse from Shivani Kumaresan
Morgan Stanley analyst Alex Straton reiterated an Overweight rating on Nike Inc (NYSE:NKE) but lowered the price target from $127 to $126. The analyst expects a mostly in-line 1Q24 with an EPS estimate of $0.76. Potential revenue downside on weaker China could be offset by gross margin & SG&A upside. The analyst also anticipates NKE 1Q Greater China revenues could come in closer to the +MSD/HSD % percentage range driven by ~MSD % growth for stores & potentially better online growth.
September 22, 2023 | 7:19 pm
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Morgan Stanley analyst Alex Straton has lowered the price target for Nike from $127 to $126, while maintaining an Overweight rating. The analyst expects a mostly in-line 1Q24 with an EPS estimate of $0.76.
The news is directly related to Nike and is likely to influence investor sentiment. The lowering of the price target may indicate a slightly less optimistic outlook, but the maintenance of an Overweight rating suggests that the analyst still sees potential in the stock.
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