Evercore ups Nike price target to $110, calls Hill return ‘best case scenario’

Evercore ISI analyst Michael Binetti raised the firm’s price target on Nike to $110 from $105 and keeps an Outperform rating on the shares after the company announced that CEO John Donahoe will retire and veteran Elliott Hill will return as CEO, which the firm calls “a best case scenario transition.” The firm says it has long thought Elliott was “at the top of the list” of potential CEO successors and that while his departure from the company in 2020 as Nike deemphasized wholesale was “disappointing,” Evercore “can’t think of a better executive with the broad-based experience” needed and has “even more conviction that he is the best executive possible today-given the challenges in front of the business.”