-0.67% to $35.75 from $35.99
What moved NKE
- Bank of America downgraded Nike to Underperform from Neutral and cut its price target to $30 from $47 ahead of the company’s earnings next week.
- Analyst Lorraine Hutchinson said Nike’s turnaround is taking longer than expected as weakness in lifestyle categories outweighs progress from new product launches.
- BofA cut its fiscal 2027 and 2028 EPS estimates by 11% and 12%, respectively, and now expects negative sales growth through fiscal 2027.
- The bank flagged a tougher demand backdrop in China, saying recent wholesale growth has not been matched by strong sell-through at retail.
Sources: Seeking Alpha · CNBC
-1.21% to $35.78 from $36.22
What moved NKE
- Telsey Advisory Group cut its price target on Nike to $44 from $47 while maintaining a Market Perform rating.
- The firm said sportswear, international and direct-to-consumer sales trends remain weak and are unlikely to meaningfully improve before fiscal 2028.
- Shares touched a fresh 52-week low following the price-target cut.
Sources: Investing.com · ad-hoc-news.de
-2.25% to $38.59 from $39.48
What moved NKE
- Truist Securities downgraded Nike to Hold, citing concerns about the broader footwear market.
- Shares fell more than 2% and touched their lowest level in roughly a decade.
- The call was part of a broader Truist note flagging several footwear-exposed stocks to avoid.
Sources: CNBC · The Motley Fool
-4.03% to $39.09 from $40.73
What moved NKE
- Nike shares fell to their lowest level since 2014 after rival On Holding issued weaker-than-expected sales guidance that rattled the athletic-apparel sector.
- David Denton became Nike’s new Chief Financial Officer effective August 17, succeeding Matthew Friend, who is staying on through early September to support the transition.
- UBS cited a third consecutive month of declining secondary-market resale prices for Nike and Jordan sneakers, down 2.9% year-over-year in July, as a sign of softening demand.
Sources: IBTimes · The Globe and Mail · Investing.com