UBS analyst Jay Sole lowered the firm’s price target on Nike to $173 from $192 and keeps a Buy rating on the shares ahead of the company’s fiscal Q3 results. The analyst thinks Nike’s Q4 guidance and its initial fiscal 2023 outlook, “if it offers one, will disappoint the market.” His channel checks suggest Nike’s China business is not recovering as fast as the market expected. In addition, the market underestimates how much supply chain challenges, temporary store closures in Russia, higher oil prices, and a rising U.S. dollar will pressure Nike’s earnings outlook, Sole tells investors in a research note. The analyst’s fiscal 2023 earnings per share forecast is now $4.30 versus the Street’s $4.78 view.