Nike (NKE) Drops Over 5% Pre-Market Due to East Coast Port Strikes, JPMorgan Lowers Target Price

Oct 02, 2024

Nike (NKE, Financial) shares fell more than 5% in pre-market trading amid concerns over potential risks from strikes at ports on the United States East Coast. The disruptions caused by the ongoing strikes may impact Nike's supply chain and distribution, posing a significant risk to the company's operations and sales performance.

In response to these developments, JPMorgan has adjusted its target price for Nike, lowering it from $80 to $77. This revision reflects the anticipated financial impact and the increasing uncertainties surrounding the company's logistics and inventory management due to the port strikes.

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