JPMorgan Cuts Nike to Underweight, Flags Multi-Year Earnings Drag — Street Largely Unconvinced
JPMorgan lowered Nike Inc. (NKE) to Underweight and trimmed its price target to $40 from $47, citing a multi-year hit to earnings driven by a China online reset and North America store closures. The call has pushed shares down in pre-market trading to $41.32, but it conflicts with a broad Street consensus that still skews positive. The firm’s forec…