Nike Inc (NYSE:NKE) shares are trading lower Wednesday on the heels of the company's first-quarter financial results. Multiple analysts lowered price targets on the stock following the print.

What Happened: Nike missed revenue estimates of $11.65 billion, turning in first-quarter revenue of $11.59 billion, but the athletic footwear and apparel company beat on the bottom line, reporting first-quarter earnings of 70 cents per share versus estimates of 52 cents per share.

Total revenues were down 10% year-over-year as North America sales fell 11%, Greater China sales fell 4%, European sales fell 13% and Asia Pacific and Latin American sales fell 7%. Nike Direct revenues were down 13%, Nike Brand revenues were down 10% and Wholesale revenues were down 8%.

"NIKE's first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation," said Matthew Friend, executive vice president and CFO of Nike. "Our teams are energized as Elliott Hill returns to lead NIKE's next stage of growth."

Nike withdrew its full-year guidance and positioned its Investor Day amid the CEO transition. Hill, a longtime Nike veteran, is set to take over for exiting CEO John Donahoe on Oct. 14.

On the conference call following earnings, Friend said the company has tempered its revenue expectations for the full year, citing traffic trends on Nike Digital and retail sales trends, per CNBC. Nike now expects second-quarter revenue to be down 8% to 10% and gross margin to fall versus last year.

"We continue to see indications of slight second-half improvement in revenue trends versus our first half. As we plan to introduce and scale newness and innovation across the marketplace, we now expect gross margins to decline versus the prior year," Friend said on the call.

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Following the company's quarterly results, multiple analysts adjusted price targets on the stock.

• BofA Securities analyst Lorraine Hutchinson maintained Nike with a Buy and lowered the price target from $104 to $100.

• Truist Securities analyst Joseph Civello maintained Nike with a Hold and lowered the price target from $85 to $83.

• UBS analyst Jay Sole maintained Nike with a Neutral and raised the price target from $78 to $82.

• Evercore ISI Group analyst Michael Binetti maintained Nike with an Outperform and lowered the price target from $110 to $105.

• RBC Capital analyst Piral Dadhania maintains Nike with a Sector Perform and lowered the price target from $85 to $82.

NKE Price Action: Nike shares were down 6.48% at $83.35 at the time of publication Wednesday, according to Benzinga Pro.

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