BofA lowered the firm’s price target on Nike (NKE) to $95 from $100 and keeps a Buy rating on the shares. Noting that Nike officially pulled guidance last quarter in light of the CEO transition and then gave sales and margin guideposts for the year, BofA says the question entering Q2 earnings is if new CEO Elliott Hill will reduce expectations further. The firm, which thinks investors “would welcome a clean slate from Hill,” adds that missing sales and gross margin after this quarter would “derail the building bull case.” The firm’s new $95 target still reflects 29 times its FY26 EPS estimate, but now on a lower estimate, the analyst noted.
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