Nike (NKE) is taking a step in the right direction under new CEO Elliott Hill. The footwear brand posted its fiscal second quarter earnings on Thursday after market close. Its revenue of $12.35 billion bested expectations of $12.13 billion, though it’s still a drop compared to the $13.39 billion from a year ago.
On Friday, Cristina Fernández of Telsey Advisory Group downgraded shares to Market Perform from Outperform, citing that the turnaround plan will “take longer to execute, require greater investments in areas like brand marketing, and result in lower sales and profitability over the next 12 months,” adding that overall it lacks “clarity” on just how long it will take.
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