Nike's Turnaround Is Slowing. Here's What That Means for the Stock.

Investment bank RBC cut its Nike price target 28%—from $70 to $50—on June 10. The reason: CEO Elliott Hill's turnaround is moving slower than Wall Street expected. Profits per shoe and US sales are both lagging. RBC still thinks Nike will recover. It just won't happen as fast as investors bet it would.