As reported previously, Cowen analyst John Kernan downgraded Nike (NKE) to Market Perform from Outperform citing the potential for share losses to competitors Under Armour (UA) and Adidas (ADDYY) to accelerate.
He also cites Nike's elevated inventories and higher promotion levels in North America.
The analyst sees a risk to guidance for the second half of 2017. Kernan lowered his price target to $54 from $59 on Nike shares.
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