Piper Sandler analyst Anna Andreeva reiterated a Neutral rating and $80.00 price target on Nike (NYSE: NKE).

The analyst commented, "We view today's announcement appointing Elliott Hill as the new CEO, with John Donahoe stepping down earlier than the Street was expecting, as a positive for the stock, as this removes an overhang in leadership and creates a potentially interesting setup with the Investor Day in November (albeit Hill will have been with the company only for one month). Bringing a veteran back after significant turnover at the company should also help culture-wise. At the same time, we continue to question the F2H25 improvement baked into the guide and expect the stock to stay range-bound until there's more color on the fundamentals and the new strategy--today's comments from SKX (not covered) on China getting incrementally worse with mixed tone on US back-to-school raise concerns for NKE (where greater China is 15% of annual sales but over 30% of profits)."

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Shares of Nike closed at $80.98 yesterday.