Nike shares gain as RBC upgrades to 'outperform'; raises PT

Shares of Nike NKE.N rise 2.23% to $73.92 in premarket trading

RBC Capital Markets upgrades stock to "outperform" from "sector perform"; raises PT to $76 from $90, an upside of about 25%

Brokerage sees Nike making the right moves, with improvements in running footwear backed by positive channel checks and survey results

A refreshed senior leadership team is expected to drive faster, more accountable decision-making, adds brokerage

"We anticipate a steeper revenue recovery shape supported by the World Cup driving a narrowing of the relative performance gap, which could lead to beat/ raise cycle with limited downside" - RBC

Stock rated "buy" on average; median PT is $78, as per data compiled by LSEG

As of last close, NKE is down ~4.4% this year