Nike initiated with a Buy at Needham

Needham initiated coverage of Nike (NKE) with a Buy rating and $84 price target While Nike has “clearly been off their game in recent years,” the firm believes that the worst may nearly be over and that the biggest catalyst of change is the recent CEO transition to well-respected Nike veteran Elliott Hill. The firm also believes that management is “clear-headed about the mistakes they’ve made,” and are working aggressively to correct them, the analyst tells investors.