UBS reduced its price target for Nike Inc. (NKE) to $58. The previous target stood at $62. The firm maintained its Neutral rating on the stock.
Channel checks through mid-March revealed weak global sales momentum. Nike shares have declined 25% over the past year. The stock currently trades near its 52-week low.
UBS expects third-quarter earnings to meet expectations. The bank forecasts a fourth-quarter earnings per share (EPS) outlook below Wall Street consensus. Analysts do not anticipate significant improvements in sales growth trends within upcoming guidance.