BMO Capital raised the firm’s price target on Nike (NKE) to $95 from $92 and keeps an Outperform rating on the shares. The firm says Nike’s challenges today parallel what it faced in 2015 to 2018 during its run-in with adidas (ADDYY) when demand creation was muted and inventory ballooned, and as such, BMO has conviction Nike “can use its past as playbook for the future.” The company has already begun executing its path to improvement, giving the firm more conviction that Nike can use its past as playbook for the future, the analyst tells investors in a research note.
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