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;))
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