Nike Shares ‘Too Expensive' as Analyst Sees Stock Dropping 20% [BNN Bloomberg (Canada)]
On Holding AG (ONON)
Company Research
Source: BNN Bloomberg
Williams Trading analyst Sam Poser cut his price target on Nike to $75, matching a Street low, saying in a note to clients that he doesn't expect the sneaker and athletic apparel maker “to get itself out of its current doldrums as it has when it faced challenges in the past.” Poser said the stock is “too expensive” and he does not expect the company to do anything to “deserve its current multiple.” His price target implies a more than 20% drop from Tuesday's closing price. Nike, which is due to report fourth-quarter results on June 27 after market close, rose as much as 1.4% to $96.09 on Thursday in New York. “The bloom is off the Swoosh,” he said in the note. Poser is one of three analysts to have a sell-equivalent recommendation on the stock, according to data compiled by Bloomberg. The company's current senior executives do not have “the instinct and experience that the prior team had,” said Poser, who flagged the loss of several employees — mostly through layoffs — that had
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