Truist raised the firm’s price target on Nike to $85 from $81 and keeps a Hold rating on the shares. The company’s step to replace its CEO John Donahoe with Elliott Hill is a step in the right direction that can help reinvigorate the brand and improve sentiment on the stock, given that Mr. Hill is very well-respected and knows the business well from his 32-year Nike tenure, the analyst tells investors in a research note. Trust adds however that the near-term upside looks priced into Nike shares following the after-market move.
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