Nike is trading 4.3% down at $41.40 as investors react to a price target cut from Bernstein and persistent concerns regarding the company's strategy in China.
- Bernstein lowered its price target on the footwear giant to $68 from $72, citing a strategic pullback in the Chinese market.
- Analysts expect the shift in China to drag on near-term growth, even as the broader consumer discretionary sector and overall markets trade higher.