Truist lowers Nike's target price from $42 to $29, maintains Hold rating

Truist Securities analysts stated in a report that the timing of Nike’s recovery appears to be further delayed. Although Nike continues to highlight positive signs in its functional products, its larger sportswear and Jordan divisions remain under additional pressure. "Given that there is still a lot of work to be done in several areas, competitive pressures continue to intensify, and the macroeconomic environment remains volatile, we believe the visibility of a potential recovery is limited and think it is best to remain on the sidelines." Truist Securities analysts lowered their target price for Nike from $42 to $29 and maintained a hold rating on the stock.