What’s happened? Nike reported Q1 FY22 results, yesterday after market close,
with revenue 2% below estimates and EPS slightly ahead on better-than-
expected gross margin expansion. Supply chain disruption might be temporary
but led management to lower its FY 22 guidance. We see consensus cutting FY
EPS 2022 estimates by 10 to 15% leaving the stock at a stretched valuation. We
recommend holding to position and look for $148 key support level.