BofA cuts Nike target to $30 as stock exits S&P 100
Bank of America analyst Lorraine Hutchinson downgraded Nike to 'underperform' and cut its price target to $30, citing weak China sales and slow innovation. The stock has fallen 78% from its 2021 peak, causing Nike to exit the S&P 100 index. Shares recently traded around $35.75, with new CFO David Denton expected to focus on cost-cutting ahead of an October earnings report.