#Nike target price slashed to 42
Seeing Argus cut Nike's target price from 55 to 42, my first reaction was that this is pretty brutal. $NKE current price 37.29, down 0.32% in 24 hours, with trading volume just a little over 300,000 USDT, basically no one is playing.
This cut is less than 5 dollars above the current price, which means there is almost no room left. But if you want me to believe the bad news is fully priced in, I don't buy it. A target price downgrade like this often means a further drop is still coming, not the final blow.
I'm leaning bearish: the 37.29 level won't hold. If it really wants to prove me wrong, it would need to reclaim 40+ on strong volume, and then I'd admit I was wrong. With this kind of volume now, it can't support a rebound.
Seeing Argus cut Nike's target price from 55 to 42, my first reaction was that this is pretty brutal. $NKE current price 37.29, down 0.32% in 24 hours, with trading volume just a little over 300,000 USDT, basically no one is playing.
This cut is less than 5 dollars above the current price, which means there is almost no room left. But if you want me to believe the bad news is fully priced in, I don't buy it. A target price downgrade like this often means a further drop is still coming, not the final blow.
I'm leaning bearish: the 37.29 level won't hold. If it really wants to prove me wrong, it would need to reclaim 40+ on strong volume, and then I'd admit I was wrong. With this kind of volume now, it can't support a rebound.