Morgan Stanley analyst Alex Straton says that Nike’s headline Q1 beat was overshadowed by a worse-than-expected Q2 outlook and withdrawn fiscal year guidance, arguing that the report had “more for the bears than bulls” and underscored tenets of the firm’s Equal Weight thesis, which it thinks will make for a range-bound stock for some time. The firm, which thinks moderating demand trends, rising inventory levels and promo risk “give bears more to lean on,” keeps an $82 price target on Nike shares.