BUZZ-RBC Capital Markets cuts Nike PT, says turnaround will take longer

** RBC Capital Markets cuts Nike's NKE.N PT to $70 from $80, maintains "sector perform" rating

** New PT is a ~3% discount to NKE's last close price of $72.09

** Nike's turnaround will take longer than expected and will now likely impact first half of 2026 which is more prolonged than our prior assessment - RBC Capital Markets analyst Piral Dadhania

** Says Nike likely to lose market share in coming years as attempt to redirect focus on Performance category takes time

** Nike's new CEO Elliott Hill said company had "lost its obsession with sport" on his first earnings call in Dec, as NKE forecast bigger-than-expected fall in Q3 revenue

** RBC names NKE's rival Adidas ADSGn.DE as its preferred sporting goods pick on stronger momentum

** Nineteen out of 42 brokerages rate NKE "hold"; 21 rate it "buy" or higher; their median PT is $90 - data compiled by LSEG

** NKE's shares down marginally at $71.90 in premarket trading; stock fell 30% in 2024

(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))