Nike price target lowered to $93 from $96 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Nike (NKE) to $93 from $96 and keeps an Outperform rating on the shares. The firm believes new CEO Elliott Hill’s initial strategic view and Q3 guidance will help determine the extent of the company’s issues and the turnaround plan from here, the analyst tells investors. Overall, Nike is in a transition period and a return to growth could take a few quarters, but the firm does expect a brand turnaround to occur over the next year