Piper Sandler Cuts Nike Price Target to $28 From $38

A price-target cut of this size is a signal about the direction of analyst conviction, not just a level adjustment — and the absence of any disclosed rating change is the notable part, since it suggests the revision is about the earnings or multiple assumptions underpinning the target rather than a shift in the investment thesis itself. The read-across is mainly to how the sell side is marking down consumer discretionary names in a soft demand environment. Whether other brokerages follow with similar revisions, or the rating itself comes under review, is the open question.