Deutsche Bank raised the firm’s price target on Nike (NKE) to $84 from $82 and keeps a Buy rating on the shares post the fiscal Q2 report. New CEO Elliott Hill outlined a turnaround plan and answered the key question on investors’ minds: the brand reset will indeed come at a cost, the analyst tells investors in a research note. The firm says that despite the near-term headwinds, it is “pleased to see” Nike return its focus to sports from lifestyle and streetwear, to a more balanced portfolio and marketplace, and to improve consumer/wholesale partner connections through better storytelling.
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