Williams Trading analysts upgraded Nike (NYSE:NKE) to Buy from Sell, raising their price target to $93 from $67. This upgrade stems from the recent rehire of Tom Peddie as the Vice President of Marketplace Partners, responsible for U.S. wholesale operations. While Poser does not expect an immediate transformation in Nike’s business, Peddie’s return after a 30-year tenure at the company is seen as a positive indicator of potential strategic changes in the near future.
According to the analysts, Nike’s wholesale partners have expressed satisfaction with Peddie’s return, noting a renewed focus on their accounts. His reappointment suggests that Nike is poised for further internal shifts, which the analysts interpret as a promising sign for the company’s future performance. The upgrade reflects confidence that these changes will drive Nike in a favorable direction.