Wells Fargo raised the firm’s price target on Nike to $95 from $86 and keeps an Overweight rating on the shares. CEO John Donahoe will be stepping down, with former executive Elliott Hill taking the reins, which is a key catalysts bulls have been patiently waiting for and should help drive a new narrative in the story, the analyst tells investors in a research note. With Hill now taking over the CEO role, the firm believes FY guidance is likely to be cut/pulled ahead of the company’s upcoming November Analyst Day.
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