Cowen analyst John Kernan said the firm's survey work indicates Nike's price perception among consumers has declined in recent months while that of its peers has gained. Industry apparel sell-through data has shown a slowing for the Nike brand within North America, add Kernan, who said that his, and the consensus, Q1 expectations could be aggressive given top-line headwinds from North America. The analyst, who expects Nike to reiterate FY17 guidance but potentially give a "noisy" Q1 view, lowered his price target on the stock to $65 from $70 ahead of earnings, but keeps an Outperform rating on the shares.