Stock Market Today, April 2: Nike Shares Slide After Numerous Price Target Cuts From Wall Street
Nike's stock price has declined after numerous price target cuts from Wall Street analysts due to concerns over the company's profit decline and weak revenue outlook. The stock closed at $44.19 on Thursday, down 1.00%, with trading volume reaching 59.4 million shares, 220% above its three-month average.
Nike's stock closed at $44.19 on Thursday, down 1.00%. The company's recent profit decline and weak revenue outlook have led to numerous price target cuts from Wall Street analysts. The stock's trading volume reached 59.4 million shares, 220% above its three-month average. Nike's peers, Adidas and Puma, also saw declines in their stock prices. The S&P 500 and Nasdaq Composite edged up 0.09% and 0.18%, respectively. Analysts' concerns include Nike's delayed turnaround timeline and continued margin pressures. The company's stock has seen over 20 analyst price target cuts in the two trading days following its Q3 earnings report.
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