Truist ‘more optimistic’ on Nike, upgrades to Buy

As previously reported, Truist analyst Joseph Civello upgraded Nike to Buy from Hold with a price target of $97, up from $83. The firm notes it has been cautious on Nike since Fall of 2023 and still views a turnaround process as long and uncertain, but adds that it is now “more optimistic” as investor expectations finally seem to accurately reflect this reality. Although a fundamental recovery remains a long-term prospect, with a team of company vets back at the helm, the firm thinks Nike is “moving in the right direction” and thinks some near-term wins from the fresh team should be enough to “show investors there are better times ahead,” the analyst said.