Oct 2 Reuters Nike shares fell about 8 in early trading on Wednesday after the sportswear giant withdrew its annual revenue target, leaving investors guessing on the timeline for a turnaround under incoming CEO Elliott Hill.

The company on Tuesday also called off its investor day set for Nov. 19, while CFO Matthew Friend said pulling the outlook would give Hill muchneeded flexibility to evaluate Nike39;s strategies and business trends.

Just how quickly a turnaround can happen is up in the air … There39;s not anything really that I could say at this point gives us a definite timeline or early hints to what is in store for the future, said Jessica Ramirez, senior analyst at Jane Hali Associates.

Last month, Nike named veteran executive Hill as CEO in place of John Donahoe as demand dropped and rivals such as On Holding and Hoka gained market share, especially in high performance and innovative running shoes categories.

The company39;s forward pricetoearnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.98, compared with 27.08 for Deckers and 35.14 for Adidas.

Hill is set to take over on Oct. 14 and investors were pinning their hopes on the analyst day for clarity on Nike39;s strategy until it canceled the Nov. 19 event. Nike did not provide a fresh date.

These next few months as we go into year end, Nike is going to leave investors with a lot more questions than answers and we didn39;t get any answers, said Jay Woods, chief global…