(Reuters) -Nike ( NKE ) 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 "much-needed flexibility to evaluate Nike's ( NKE ) strategies and business trends".

"Just how quickly a turnaround can happen is up in the air ... There'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 ( NKE ) 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 company's forward price-to-earnings 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 Nike's ( NKE ) strategy until it canceled the Nov. 19 event. Nike ( NKE ) did not provide a fresh date.

"These next few months as we go into year end, (Nike ( NKE ) is) going to leave investors with a lot more questions than answers and we didn't get any answers," said Jay Woods, chief global strategist at investment banking firm Freedom Capital Markets.

Nike ( NKE ) said on Tuesday it had to offer higher promotions to help drive sales in the quarter and signaled a weaker holiday quarter even as it expects a "slight second half improvement" in revenue from the launch of new premium models.

"Nike ( NKE ) is deep in the abyss of the turnaround," Bernstein Societe Generale analysts wrote in a note. "Early signs of market traction look positive, but can't translate into hard numbers yet while mark down actions drag down sales and margins."

Its shares were trading at $82 and had recouped 10% since Sept. 19 when Nike ( NKE ) announced Hill's appointment.

On the new CEO, Britain's JD Sports CEO said earlier in the day it was "good to have someone from the industry, someone who knows Nike ( NKE ) and who knows all the products".

Shares of peers Under Armour and Lululemon were down about 1% each, while retailer Foot Locker dropped nearly 2%.

(Reporting by Ananya Mariam Rajesh and Savyata Mishra in Bengaluru; Writing by Aishwarya Venugopal; Editing by Maju Samuel and Arun Koyyur)