NKE - Morgan Stanley On Nike's FY24 Trajectory: A Mix of Optimism And Caution with Hints Of Potential Wholesale Restocking | Benzinga
Morgan Stanley analyst Alex Straton reiterated an Overweight rating on the shares of Nike Inc (NYSE: NKE) and lowered the price target from $127 to $126.
The analyst expects a mostly in-line 1Q24 with an EPS estimate of $0.76. Also, potential revenue downside on weaker China could be offset by gross margin & SG&A upside.
Other areas of focus, according to the analyst, include inventory, NA wholesale, Greater China, & DTC/wholesale strategy color.
After speaking with the Asia-based counterparts, the analyst anticipates NKE 1Q Greater China revenues could come in closer to the +MSD/HSD % percentage range driven by ~MSD % ...