Nike price target raised to $84 from $80 at BofA

BofA raised the firm’s price target on Nike (NKE) to $84 from $80 and keeps a Buy rating on the shares. The analyst, who contends “the worst is behind” Nike, expects sequential sales improvement and models a return to growth in the second half of the fiscal year after the company reported Q4 results in line with expectations and guided Q1 sales to be down mid-single digits, which would be a “sharp improvement” from Q4 sales being down 11%. The firm is lowering its FY26 EPS forecast by 20c to $1.60 due to a lower gross margin forecast as it incorporates tariffs, but increasing its multiple to reflect greater confidence in the innovation pipeline and upcoming sales inflection.