TD Cowen upgraded Nike (NKE) to Buy from Hold with a price target of $85, up from $62. The firm sees three reasons to believe in Nike’s turnaround: the company’s margins have troughed and a recovery is underappreciated, new management’s execution, and improving improving Nike and Jordan trends, according to its field checks. TD’s field work shows signs of Nike and Jordan improvement while share gain and brand heat from upstart peers are slowing, the analyst tells investors in a research note.
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