BUZZ-Morgan Stanley cuts Nike PT on uncertainty over turnaround strategy

Reuters
03-13
BUZZ-<a href="https://laohu8.com/S/MSPQL">Morgan Stanley</a> cuts Nike PT on uncertainty over turnaround strategy

** Morgan Stanley cuts PT on Air Jordan maker Nike NKE.N to $72 from $74, cites uncertain impacts of strategic changes

** Brokerage says turnaround remains in early-days, with strategy not entirely solidified

** "The timeline to a potential P&L improvement is now highly uncertain with strategic changes laid out likely elongating an inflection beyond FY25," says brokerage

** Says Nike's re-entry into wholesale and franchise life-cycle management makes co's P&L over the short- and long-term harder to predict

** New PT is an over 2% downside to stock's last close

** Nineteen of 38 brokerages rate stock "buy" or higher, 17 "hold", and 2 "sell"; median PT is $90 - data compiled by LSEG

** NKE shares down nearly 3% YTD; they fell over 30% in 2024

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com;))

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