Shares of Nike Inc (NYSE:NKE) continued to tank in early trading on Friday, even after the company Thursday reported upbeat fiscal second-quarter results.

Here are the key analyst takeaways:

Needham analyst Tom Nikic reaffirmed a Buy rating, while cutting the price target from $78 to $68.

Telsey Advisory Group analyst Cristina Fernández maintained a Market Perform rating, while trimming the rice target from $75 to $72.

JPMorgan analyst Matthew Boss reiterated an Overweight rating and price target of $86.

Guggenheim Securities analyst Simeon Siegel reiterated a Buy rating and price target of $77.

Check out other analyst stock ratings.

Needham: Nike's turnaround "is still struggling to gain traction and continues to take longer," Nikic wrote in a note. While Nike's strategy of focusing on sport and re-engaging with wholesale is sound, the company’s issues before CEO Elliott Hill took over appear to be "far deeper than we initially realized," he added.

The analyst mentioned key takeaways:

Performance was driven by 8% growth in ...