Truist Securities downgraded Nike and Dick’s Sporting Goods from buy to hold due to a weakening footwear market. The bank cut its price target on Dick’s to $135 from $270 and on Nike to $42 from $47. Dick’s shares plunged nearly 31% on Tuesday after weaker-than-expected quarterly results, marking their worst day ever. Nike-branded shoes account for roughly 35% to 40% of Dick’s merchandise purchases, linking the two companies’ fortunes. Nike shares have shed 38% year to date while Dick’s stock is down 37% over the same period.
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