Goldman Sachs analyst Lindsay Drucker Mann downgraded Nike to Neutral with an unchanged price target of $54. The shoemaker closed yesterday up 30c to $52.30. The shares will trade in a range as Nike works through excess inventory in the U.S. and next week’s investor day is unlikely to be a positive catalyst, Mann tells investors in a research note. The analyst believes the valuation remains supported in the low-20s price-to-earnings ratio.