.August 16, 2024 6:53 PM

Williams Trading analysts have upgraded Nike (NYSE:NKE) to Buy from Sell, with a new price target of $93, up from $67. The rehiring of Tom Peddie as Vice President of Marketplace Partners, overseeing U.S. wholesale operations, is seen as a positive move. Peddie’s return after 30 years at the company indicates potential strategic changes ahead, though immediate transformation is not expected. Wholesale partners have expressed satisfaction with Peddie’s comeback, signaling a renewed focus on their accounts. The upgrade reflects confidence in Nike’s future performance and internal shifts that may drive the company forward.