Baird analyst Jonathan Komp raised the firm’s price target on Nike to $110 from $100 and keeps an Outperform rating on the shares. Nike last night announced that 32-year company veteran Elliott Hill is rejoining the company and replacing CEO John Donahoe following a four year period marked by financial challenges and substantial share underperformance, the analyst tells investors in a research note. The firm expects the move to be “widely celebrated” given Hill’s strengths spanning product, people and marketplace strategies. Bayard says that while near-term financial implications following a CEO change are less clear, it is more optimistic about Nike’s multi-year earnings and 6-12 month outlook for the stock.
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