Nike's CEO is officially stepping down, and some on Wall Street appear to be reacting lukewarm to the news.
Nike's CEO is stepping down, and some on Wall Street appear to be lukewarm about the news. On Thursday after the bell, the sneaker giant announced that CEO John Donahoe will be retiring on Oct. 13. Elliott Hill, who worked at the company for 32 years before retiring in 2020, will take over the position the following day.
If estimates are cut, analyst Alex Straton speculates that the stock's positive but "somewhat muted" reaction to the change may fade as investors cope with the company's fundamentals possibly getting worse before getting better over the next year. Straton has an equal weight rating on the stock, with a price target of $79, or more than 2% downside from Thursday's close. Others, however, have become more bullish on Nike following the decision.
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