Nike price target raised to $85 from $80 at Jefferies

Jefferies analyst Randal Konik raised the firm’s price target on Nike to $85 from $80 and keeps a Hold rating on the shares. The firm believes investor expectations for fiscal Q1 are “fairly low,” noting in a preview that foot and web traffic data have “remained soft” and competitors continue to gain share. With a new CEO starting on October 14, Nike shares are in “no man’s land” and are likely to remain range-bound for a number of quarters, adds the analyst, who nudged the firm’s price target up on a higher multiple reflecting the “positive leadership change.”