Deutsche Bank lowered the firm’s price target on Nike to $92 from $95 and keeps a Buy rating on the shares. The company’s Q1 report print reinforced the view that its “turnaround will be a marathon, not a sprint,” the analyst tells investors in a research note. The firm says the magnitude of the fiscal 2025 guidance revision, with second half sales likely to decrease up to high-single-digits from the prior flattish highlights “the prolonged road ahead and marks another reset to expectations.” Far more creativity is needed in today’s footwear market to hold onto sales, while Nike’s storytelling and innovation faded, contends Deutsche Bank. This is why the firm is optimistic about incoming CEO Elliott Hill.
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