Nike price target raised to $85 from $73 at Truist

Truist raised the firm’s price target on Nike (NKE) to $85 from $73 and keeps a Buy rating on the shares after its Q4 results. The company’s turnaround efforts are yielding more rapid improvements than investors were anticipating as channel inventories are getting cleaned up and with holiday orderbooks rising y/y, the analyst tells investors in a research note. While visibility into a return to sales growth and margin recovery appears meaningfully stronger, the stock is still down 15% from where it traded prior to the initial announcement that Elliott Hill was taking over as CEO in September, but with the worst of fundamental pressures appearing to be in the rear-view, there is plenty of room to run, the firm added.