{
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UBS has warned that Nike's upcoming earnings report may act as a negative catalyst, citing deteriorating global sales trends and weak Q3 guidance. Analysts predict EPS guidance between $0.47 and $0.57, below market expectations, and express concerns over declining sales in the U.S., Europe, and China. Despite these challenges, they maintain a Neutral rating, lowering the price target to $80, while noting that investor sentiment may prevent significant stock declines.
UBS has warned that Nike's upcoming earnings report may act as a negative catalyst, predicting weak third-quarter guidance and EPS projections below market expectations. Analysts noted deteriorating global sales trends, particularly in the U.S., Europe, and China, and lowered their price target for Nike to $80. Despite these challenges, they believe market confidence in Nike and its new CEO may prevent significant stock declines.
Analysts made significant calls on various companies, with Goldman Sachs initiating coverage of Flutter and Aecom as buys, citing strong market positions. Citi reiterated a buy on Apple, predicting a successful holiday season for iPhones, while Needham expressed optimism for Nike under new leadership. Other notable mentions include upgrades for KinderCare and Bright Horizons, and a downgrade for Nvidia based on valuation concerns.
Elliott Hill, the new CEO of Nike Inc., is initiating a management reshuffle, focusing on the legal, sports marketing, and supply chain teams. Since taking over on October 14, Hill aims to address the company's challenges, as shares have declined nearly 30% this year.
Stock futures fell as the Dow Jones Industrial Average ended a three-day winning streak, closing down over 344 points. General Motors raised its 2024 earnings guidance after surpassing estimates, while Disney announced James Gorman as its new chairman and delayed the CEO succession plan to early 2026. Donald Trump's tax proposals could exempt income taxes for 93.2 million Americans but may jeopardize Social Security's funding, while Nike secured a renewed, larger contract as the exclusive uniform provider for the NBA and WNBA for another 12 years.
UBS has maintained a "Neutral" rating on Nike with a price target of $82, noting potential positive impacts from new CEO Elliott Hill. Meanwhile, Truist Securities has upgraded Nike to "Buy," reflecting a more optimistic outlook amidst mixed analyst ratings.
Nike's leadership is shifting as CEO John Donahoe resigns, to be succeeded by Elliott Hill, a veteran executive with 30 years at the company. This change comes after a significant decline in stock value and aims to restore investor confidence through a return to market-oriented strategies and global expansion. Following the announcement, Nike's stock saw a nearly 10% increase, signaling investor optimism about Hill's potential to blend tradition with innovation to navigate fierce competition.
Elliott Hill
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
UBS Warns of Weak Earnings Ahead for Nike Amid Deteriorating Sales Trends
17:04 09.12.2024
UBS Warns of Weak Nike Earnings Amid Deteriorating Sales Trends
16:59 09.12.2024
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