Apr. 13 at 10:19 AM
$HSBC Nike downgraded to Hold from Buy at HSBC
HSBC analyst Erwan Rambourg downgraded Nike to Hold from Buy with a price target of
$48, down from
$90. The firm says the company's turnaround is now a "show me story with no short-term catalysts." Weakness in Nike's Converse brand, China and Europe, Middle East, and Africa, and sportswear continues to weigh on the the company's recovery. HSBC cites limited visibility for the downgrade.