Nike dips after bleak revenue forecast; brokerages trim PT

Shares of sportswear giant Nike NKE.N down 7.9% at $66.19, hitting their lowest since March 2020

Co on Thursday warned of another quarter of sales decline, leaving some investors worried about the pace of crucial turnaround under new CEO Elliott Hill

NKE forecast steeper-than-expected drop in fourth-quarter revenue and reported a 17% slump in quarterly sales in China amid weaker discretionary spending in the country

At least 11 brokerages cut PT on stock following results

"While the strategy to turn the business is the right one, the remainder of FY25, as well as FY1H26, will be a reset and rebase period, resulting in negative pressure on sales and margins," Barclays says

Including session's moves, NKE stock has fallen ~13% YTD