{"id":12420,"date":"2023-05-23T02:04:21","date_gmt":"2023-05-23T06:04:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/nike-stock-falls-to-lowest-price-this-year-after-rare-sell-call-by-analyst\/"},"modified":"2023-05-23T02:04:24","modified_gmt":"2023-05-23T06:04:24","slug":"nike-stock-falls-to-lowest-price-this-year-after-rare-sell-call-by-analyst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12420","title":{"rendered":"Nike stock falls to lowest price this year after rare \u2018sell\u2019 call by analyst"},"content":{"rendered":"
\n

Shares of Nike Inc. dived Monday toward a new 2023 low, after a rare analyst\u2019s call to sell, with Williams Trading\u2019s Sam Poser saying the athletic apparel giant\u2019s footwear has run \u201cstale.\u201d<\/p>\n

The stock
\n NKE,
\n -3.99%<\/bg-quote>
\n dropped 2.8% in afternoon trading, enough to pace the Dow Jones Industrial Average\u2019s
\n DJIA,
\n -0.42%<\/bg-quote>
\n decliners. The selloff put the stock on track for the lowest close since Dec. 20, 2022.<\/p>\n

\n

Poser cut his rating on the stock to sell, after being at hold for the past two years. That makes Poser only the third of the 35 analysts surveyed by FactSet to be bearish on Nike.<\/p>\n

He also slashed his price target by 21%, to $95 from $120, which makes him the top bear on Wall Street, based on available FactSet data.<\/p>\n

Nike\u2019s U.S. business has become \u201cfar more difficult\u201d than expected when the company reported fiscal third-quarter results in March, while the turnaround in China has been \u201cchoppy,\u201d Poser said. And with inventories that are above optimum levels, which will likely keep margins under pressure as U.S. consumers may be becoming trained to look for promotions.<\/p>\n

\u201c[N]ike, both online and in its outlet stores, is promoting many styles that are made for premium distribution at prices under $100 that are now competing with shoes sold in the family footwear,\u201d Poser wrote in a note to clients.<\/p>\n

But it\u2019s not just about price.<\/p>\n

Poser said he doesn\u2019t believe there is enough compelling new product offerings, and the old product has become \u201cstale.\u201d<\/p>\n

\u201cSpecifically, Air Max running product appears almost dead, and footwear for the moderate channel [family footwear] is stale, and will remain stale through the balance of calendar 2023,\u201d Poser wrote.<\/p>\n

He\u2019s worried that current activity, in which consumers\u2019 fear of missing out on new product launches has deteriorated, is \u201ceerily familiar\u201d to the activity seen in 2015 and 2016, \u201cwhen Nike stretched the Jordan brand to near over saturation, in order to offset lack of newness in other categories.\u201d<\/p>\n

After running up 30% in 2015, Nike\u2019s stock dropped 18.9% in 2016, for a net two-year gain of 5.7%. In comparison, the Dow fell 2.2% in 2015 and rallied 13.4% in 2016, for a net two-year gain of 10.9%.<\/p>\n

Poser also cut his fiscal 2023 earnings-per-share estimate to $3.10 from $3.13, which compares with the FactSet EPS consensus of $3.23. He also lowered his revenue estimate to $50.68 billion from $50.83 billion \u2014 the FactSet consensus is $50.97 billion \u2014 and trimmed his gross margin projection to 43.4% from 43.5%.<\/p>\n

Nike\u2019s stock has dropped 4.7% year to date, while the Consumer Discretionary Select Sector SPDR exchange-traded fund
\n XLY,
\n -0.31%<\/bg-quote>
\n has run up 17.1% and the Dow has edged up 0.5%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Nike Inc. dived Monday toward a new 2023 low, after a rare analyst\u2019s call to sell, with Williams Trading\u2019s Sam Poser saying the athletic apparel giant\u2019s footwear has run \u201cstale.\u201d The stock NKE, -3.99% dropped 2.8% in afternoon trading, enough to pace the Dow Jones Industrial Average\u2019s DJIA, -0.42% decliners. The selloff put […]<\/p>\n","protected":false},"author":1,"featured_media":12421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-12420","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNike stock falls to lowest price this year after rare \u2018sell\u2019 call by analyst | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Nike Inc. dived Monday toward a new 2023 low, after a rare analyst\u2019s call to sell, with Williams Trading\u2019s Sam Poser saying the athletic apparel\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=12420\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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