BofA downgrades Nike to underperform, cuts target to $30

BofA Securities downgraded Nike to underperform from neutral, cutting its price target to $30 from $47. Analysts cite growing risks: the classics business is overshadowing innovation, consumer demand for Nike products at retailers is declining due to weak classic styles and disappointing new launches. This could make retailers less willing to bet on new products. Nike shares fell 0.6% to $35.77.