Nike price target lowered to $77 from $84 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Nike (NKE) to $77 from $84 and keeps a Buy rating on the shares after attending an investor meeting with new CEO Elliot Hill. Management emphasized that the turnaround would take time, and therefore kept a conservative tone around the near-term performance of the business given franchise management pressures and elevated inventory, the analyst tells investors in a research note. The firm acknowledges that it will take longer to rebuild Nike’s earnings per shared base back above $3.00, but thinks the company is taking the right strategic steps.