RBC Capital analyst Piral Dadhania lowered the firm’s price target on Nike (NKE) to $70 from $80 and keeps a Sector Perform rating on the shares. Based on its Q2 comments, the company faces a “fairly long road ahead” in resetting the business, and it is likely too early to take a view on the success or otherwise of its product and brand reset, the analyst tells investors in a research note. RBC adds that risk-reward on Nike is “broadly balanced” at this stage, also noting that the firm prefers Adidas (ADDYY) as its sporting goods pick given its stronger momentum.
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