The firm maintained a "hold" rating on shares of the Beavertown, OR-based athletic apparel company.
The lower price target comes ahead of the company's 2017 fiscal first quarter results, due out after Tuesday's market close.
Analysts are expecting Nike to post earnings of 56 cents per share on revenue of $8.88 billion. During the same period a year ago, the company earned 67 cents per share on revenue of $8.41 billion.
While Canaccord believes Nike is likely to top Wall Street's estimates due to the "highly conservative" guidance it issued last quarter, the firm said the more important metric to watch will be futures orders.
Canaccord expects global constant currency futures to decelerate to 5.6% due to increasing competition from Adidas (ADDYY) and Under Armour (UA) impacting orders and lack of exciting new products to warrant increased shelf space allocation.
Additionally, the firm said price cuts on Nike's signature basketball are not likely to be made up by unit growth and cited inventory building in China and Western Europe and post-Olympics deceleration of orders.
Given the firm's numerous concerns, it believes further multiple compression is likely. But Chris Versace and Bob Lang, who co-manage TheStreet's Trifecta Stocks model portfolio, see this morning's solid earnings numbers from Finish Line (FL) - Get Report as good news for Nike. Click here for their subscription-only analysis (non-subscribers can sign up for a free 14-day trial).
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. You can view the full analysis from the report here: NKE