Morgan Stanley analyst Alex Straton downgraded Nike to Equal Weight from Overweight with a price target of $79, down from $114. The company reported another disappointing earnings print and reduced outlook, the analyst tells investors in a research note. The firm says the timeline to Nike’s revenue growth and profit improvement “has been kicked out” for at least the next 12 months. A second half of 2024 inflection potential was the primary catalyst driving Morgan Stanley’s prior Overweight thesis, “and is now not in view,” it adds.
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