RBC Capital upgraded Nike (NKE) to Outperform from Sector Perform with a price target of $90, up from $76. The firm sees a “steeper revenue recovery” for Nike than Street estimates reflect with new product contribution and World Cup selling. The company is “taking the right steps” and is seeing improvements in the running footwear offer segment, the analyst tells investors in a research note. RBC believes Nike is entering a quarterly beat and guidance raise cycle with limited share downside.
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