BofA lowered the firm’s price target on Nike to $100 from $104 and keeps a Buy rating on the shares after the company reported Q1 EPS of 70c, ahead of expectations, and sales declined 10%, in line with expectations. The firm thinks the fundamental reset ahead of Hill taking over as CEO later this month tempers the risk of a sales miss and gives Hill the flexibility to implement his strategy, the analyst tells investors in a post-earnings note.
