Nike price target lowered to $110 from $120 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Nike to $110 from $120 and keeps a Neutral rating on the shares. While “encouraged” by Nike’s increased focus on innovation, the firm notes the lack of visibility on the longer-term path for sales and margins. Nike is pivoting to a “channel agnostic” strategy based on where the customer wants to shop, but this means moving away from channel mix targets and investing more to elevate the experience with current wholesale partners, the analyst tells investors.