tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Telsey downgrades Nike with turnaround taking longer to execute

Telsey Advisory downgraded Nike (NKE) to Market Perform from Outperform with a price target of $80, down from $93. The firm came away from Nike’s fiscal Q2 earnings call, the first one led by new CEO Elliott Hill, still seeing a path for a turnaround at the company, but one that will take longer to execute, require greater investments in areas like brand marketing, and result in lower sales and profitability over the next 12 months. In addition, Telsey lacks clarity around the length of time it will take to clean up inventory, introduce significant product newness, rebuild wholesale partnerships, and elevate Nike digital by reducing promotions in order to return Nike to growth.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & DisclosureReport an Issue

1