Street View: Nike tightens laces for long haul wins
Sportswear company Nike NKE.N posted its second straight quarterly drop in gross margins on Thursday, hit by weak China sales and a product mix overhaul
Shares drop 9.71% to $59.26 in premarket trading
RUNNING TOWARD REVIVAL
Jefferies ("buy," PT: $110) says marketplace cleanup and portfolio resets are rebuilding partner trust and positioning co for long-term growth
KeyBanc ("overweight," PT: $90) believes that "Win Now" actions should position NKE for a more durable return to growth and margin normalization
Morningstar (fair value: $104) expects co to return to growth, supported by its strong position in sports, innovative products, marketing strength, and retail partnerships
BTIG ("buy," PT: $100) says gross margins were down as expected but sees this as progress toward restoring profitability and achieving sustainable growth
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