Nike price target lowered to $82 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on Nike to $82 from $85 and keeps a Sector Perform rating on the shares. The company’s Q1 results confirm that Nike’s product pivot will likely take longer than expected, with Q2 estimates also guided down as the business transitions to a new CEO, the analyst tells investors in a research note. RBC adds however that while the market likely looks through some of the near term earnings headwinds with a focus on the new CEO strategy and improving product offering, the company’s execution risk and “fuller” valuation warrant a neutral stance.