耐克：Q2盈利胜预期，2027财年预测每股盈利2.16美元

Group 1 - The core viewpoint of the report is that Nike's Q2 earnings per share exceeded market expectations due to stronger sales in North America and reduced selling and administrative expenses [1] - However, the implied guidance for Q3 earnings per share is between $0.15 and $0.25, significantly lower than the market expectation of $0.46, primarily due to weakness in the Chinese market and the Converse brand, as well as tariff pressures [1] - Management anticipates that the weak performance in the Chinese market will persist throughout the remainder of fiscal year 2026, as repositioning the market will take time [1] Group 2 - Citigroup expresses a cautious outlook for Nike's recovery in fiscal year 2027, forecasting earnings per share of $2.16, which is below the market expectation of $2.62, highlighting the complexity of Nike's transformation and recovery [1] - Based on these factors, Citigroup has lowered Nike's target price from $70 to $65, maintaining a "neutral" rating [1]