Nike Plans Oregon Headquarters Job Cuts Amid Revenue Decline Predictions: Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 20 2024
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Source: Benzinga
- Nike Job Cuts: Nike plans to cut around 740 jobs at its Oregon headquarters to reduce expenses due to a projected revenue decline in the first half of fiscal 2025.
- Cost Savings Plan: In December, Nike announced a cost savings plan targeting $2 billion over three years and planned to cut over 1,600 jobs by February, which is about 2% of its workforce.
- Endorsement Deal with Caitlin Clark: Nike is finalizing a significant endorsement deal with basketball player Caitlin Clark ahead of her professional debut in May after she was selected as the first overall pick in the WNBA draft.
- Olympic Kits Launch: Nike recently launched Olympic kits for teams and athletes it sponsors, including athletes like Eliud Kipchoge and Dina Asher-Smith, aiming to attract more consumers.
- Stock Performance: NKE stock has decreased by over 24% in the past year. Investors can access the stock through Neuberger Berman Next Generation Connected Consumer ETF and Roundhill S&P Global Luxury ETF.
Analyst Views on NKE
Wall Street analysts forecast NKE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NKE is 76.11 USD with a low forecast of 62.00 USD and a high forecast of 110.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
21 Analyst Rating
14 Buy
7 Hold
0 Sell
Moderate Buy
Current: 65.460
Low
62.00
Averages
76.11
High
110.00
Current: 65.460
Low
62.00
Averages
76.11
High
110.00
About NKE
NIKE, Inc. is engaged in the designing, marketing and distributing of athletic footwear, apparel, equipment and accessories and services for sports and fitness activities. The Company's operating segments include North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA). It sells a line of equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices, bats, gloves, protective equipment and other equipment designed for sports activities. It also designs products specifically for the Jordan Brand and Converse. The Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on basketball performance and culture using the Jumpman trademark. The Company also designs, distributes and licenses casual sneakers, apparel and accessories under the Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
