BUZZ-Street View: Nike's road to recovery still bumpy
Nike NKE.N CEO Elliott Hill, who took helm in October, is stringing out turnaround strategy to help it beat competition and win back customers, but analysts note it will take time
Two brokerages cut stock's PT following sell-side meeting with Hill on Thursday
RIGHT CEO, RIGHT STRATEGY BUT FISCAL 2026 AT RISK
Citigroup (Neutral, PT: 77) says downgrading stock, following discussing key building blocks and challenges to achieve turnaround, leading to believe fiscal 2026 will no longer inflect the way hoped
Telsey Advisory (Market Perform, PT: $80) notes there is still work to be done to clean inventories and bring energy to other products
Jefferies (Hold, PT: $75) says industry is slowing and margins will not snap back due to ongoing markdowns and further investment is needed to fix business
Barclays (Equal Weight, PT: $70) says actions to accelerate innovation and reset marketplace have been put in place with urgency with clear excitement throughout NKE eco-system
Truist Securities (Buy, PT: $90) says product innovation appears to be off to good start after Nike launched Pegasus Premium, an innovation pulled forward a year earlier
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