Citigroup reduced Nike's (NYSE: NKE) price target to $39.00 from $45.00. The firm maintained its "neutral" rating on the footwear and apparel company. This new target suggests a potential upside of approximately 5.45% from Nike's closing price on September 14.
This adjustment follows Nike's most recent quarterly earnings report, where it surpassed analyst expectations. However, Nike reported a 1.1% year-over-year decline in revenue. Its stock has also been trading near its one-year low. The broader analyst consensus for Nike is a "Hold," reflecting cautious sentiment amid evolving market conditions and competition.