Nike price target lowered to $55 from $65 at Telsey Advisory

Telsey Advisory analyst Cristina Fernandez lowered the firm’s price target on Nike (NKE) to $55 from $65 and keeps a Market Perform rating on the shares. The firm believes Nike is making the right moves by cleaning up inventory, rebalancing product portfolio, and strengthening its relations with partners, but the turnaround process has been slow and significant work remains, the analyst tells investors.