Nike's Turnaround Slips: RBC Cuts Price Target 28%

RBC Capital Markets downgraded Nike and cut its price target from $70 to $50 on June 10. Analyst Piral Dadhania says CEO Elliott Hill's operational recovery is slower than expected: gross margins, North America sales, and wholesale partnerships are all lagging. The thesis remains intact, but the turnaround will take longer than investors bet on.