UPDATE: Sterne Agee Downgrades Nike As Long-Term Story Remains Intact

In a report published Friday, Sterne Agee analyst Sam Poser downgraded the rating on Nike Inc (NYSE: NKE) from Buy to Neutral, and removed the $95.00 price target.

In the report, Sterne Agee noted, “The stock is priced for perfection and is trading above our prior PT of $95. Current trends are robust and management is making the right moves. Nike will continue to gain share worldwide due to the ongoing product innovation and massive dollars dedicated to R&D, marketing, and infrastructure. However, such attributes are currently well understood by investors and embedded in consensus estimates and the stock price. The stock may inch up, but we can no longer recommend putting new money to work.”

Nike closed on Thursday at $96.12.