Berenberg downgrades Nike to Sell, cuts price target to $27.50 from $49
What happened
Berenberg analysts downgraded Nike to Sell from Hold on Tuesday and slashed their price target to $27.50 from $49 — one of the most bearish calls on the Street. The move follows last week's weak guidance, which had already drawn target cuts to $36 from Baird and Stifel. Nike shares, down 47% year-to-date through Monday, edged up about 1% to $34.33 Tuesday, but the downgrade keeps the stock firmly under pressure.
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Who’s affected
- Nike (NKE) — Dow component; Sell rating with a deep target cut adds selling pressure even as shares bounced ~1% Tuesday to $34.33
- Athletic/apparel retail — read-through for Adidas, Lululemon (LULU), Foot Locker (FL), Deckers (DECK) on demand and inventory health
- Consumer discretionary (XLY) — Nike is a bellwether for discretionary spending into the holiday quarter
Sources