$Nike (NKE.US)$ shares are experiencing significant movement downwards Monday potentially from continued momentum driven by the company's recent fourth-quarter earnings report and subsequent revisions to its forward guidance.
What Happened: The company recently reported its fourth-quarter earnings, falling short of market expectations. In response, Nike's CFO, Matthew Friend, adjusted the company's projections for fiscal 2025, now forecasting a mid-single-digit decline in reported revenue.
Additionally, Nike anticipates a roughly 10% drop in first-quarter revenue and a high single-digit decline in sales for the first half of the year. Furthermore, the company is also dealing with subdued wholesale orders and a weaker sales outlook in Greater China.
What Else: In the aftermath of the earnings report, multiple analysts have revised their price targets for Nike. Despite the adjustments, the average analyst price target remains at $107.25, indicating potential upside.
NKE Price Action: Nike shares were down by 2.88% at $73.26 according to Benzinga Pro.
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