Nike’s ‘Disappointing’ 3Q Drives Estimates Lower

UBS says Nike’s 3Q was “disappointing” and shows business fundamentals remain challenging, but that restructuring changes should help the business inflect over the near term. The analysts say in a research note that Nike is taking the right steps, but it needs to add much more newness to its assortment to drive growth, as its top selling shoes are not resonating with consumers as well as they once did. UBS lowers its FY25 and FY26 sales estimates by 2.5% and 2.1%, respectively, and cuts its target price to $125 to $138. Shares slide 6% to $94.69.

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