RBC Cuts Nike Price Target 28% on Slower-Than-Expected Turnaround Pace

RBC Capital Markets downgraded Nike to Sector Perform from Outperform on June 10, cutting its price target from $70 to $50. Analyst Piral Dadhania cited slower operational recovery under CEO Elliott Hill than Wall Street had modeled—gross margins, North America sales, and wholesale engagement all trailing assumptions. The downgrade signals timeline slip rather than broken thesis: the turnaround should succeed, but over a longer period than investors priced in.