Nike Inc NKE is trading lower Friday after the company announced worse-than-expected first-quarter fiscal 2022 revenue results and cut full-year guidance amid supply chain issues.
Nike reported quarterly earnings of $1.16 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $12.2 billion, which came in below the estimate of $12.46 billion.
“Nike’s strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline and a digital advantage that fuels our brand momentum,” said John Donahoe, president and CEO of Nike. “We have the right playbook to navigate macroeconomic dynamics, as we create value through our relentless drive to fuel the future of sport.”
Analyst Assessment: Multiple analyst firms lowered price targets following Nike's financial results:
- Telsey Advisory Group analyst Joseph Feldman maintained Nike with an Outperform rating and lowered the price target from $180 to $176.
- Morgan Stanley analyst Kimberly Greenberger maintained Nike with an Overweight rating and lowered the price target from $221 to $201.
- Deutsche Bank analyst Gabriella Carbone maintained Nike with a Buy rating and lowered the price target from $171 to $166.
NKE Price Action: Nike has traded as high as $174.38 and as low as $118.80 over a 52-week period.
The stock was down 5.08% at $151.48 at time of publication.
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