Today, four major companies saw their stocks take a hit after receiving analyst downgrades. Nike (NYSE:NKE) was downgraded to Sell from Hold with a price target of $95.00, Foot Locker (NYSE:FL) was downgraded to Sell from Hold with a price target of $25.00, Canadian National Railway (NYSE:CNI) was downgraded to Neutral from Buy with a price target of $125.00, and Catalent (NYSE:CTLT) was downgraded to Neutral from Overweight with a price target of $45.00.
Nike’s downgrade was due to its U.S. business remaining “challenged” and a lack of new compelling products. Foot Locker’s downgrade was due to its Q1 miss and guidance cut, which resulted in a share price drop of more than 27%. Citi downgraded Canadian National Railway due to its lowered guidance, while JPMorgan downgraded Catalent due to its bloated inventory levels.
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