Nike jumps as veteran Elliot Hill to take helm as CEO
Updates
** Nike's shares NKE.N rise more than7%at $86.80 in early trade
** The Air Jordan maker on Thursday named company veteran Elliott Hill as its CEO, building confidence among investors about a turnaround at the firm that has been struggling with strategy missteps and intense competition
** BofA maintains PT of $104 and says the CEO succession "is the first step forward to accelerate the turnaround"
** Hill spent more than 32 years at NKE in several senior leadership roles prior to his retirement in 2020
** Citi says investors will look past near-term weakness as "Hill's return is a signal of NKE's commitment to a balanced distribution strategy across wholesale/DTC with little risk of disrupting NKE's current innovation pipeline/product realignment strategy"
** "We suspect another restructuring and potentially lower re-basing for earnings estimates," TD Cowen analyst John Kernan says
** Hill will take the helm on Oct. 14, succeeding John Donahoe who will remain an advisor to the company to ensure a smooth transition through Jan. 31, 2025
** Two of 42 brokerages rate NKE "sell", 21 "buy" or higher, and 19 "hold"; their median PT is $93.66 - LSEG
** Stock down about 25% YTD, as of last close
Reporting by Savyata Mishra in Bengaluru
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