Nike Inc (NYSE:NKE) is trading lower Monday following a downgrade from HSBC.
HSBC analyst Erwan Rambourg downgraded Nike from a Buy rating to a Hold rating and announced a $182 price target.
Rambour cited a lack of near-term catalysts as a reason for the downgrade. He described the stock's current risk/reward setup as "quite balanced."
The HSBC analyst thinks that lingering supply chain issues could continue to impact Nike. He also noted that he expects demand in China to remain "lackluster."
Nike is the largest athletic footwear and apparel brand in the world. The company designs, develops and markets athletic apparel, footwear, equipment and accessories.
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NKE Price Action: Nike has traded as low as $125.44 and as high as $179.10 over a 52-week period.
The stock was down 4.34% at $150.16 at time of publication.
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