Nike (NYSE:NKE) stock continued its downward spiral this month, dropping to its lowest level since September 2024.
It has plunged from $178 in 2021 to $40 today, and analysts expect more downside ahead of its quarterly results on Tuesday.
Analysts Have Downgraded NKE Stock Recently In a recent note, Stifel Nicolaus lowered the Nike stock target from $56 to $50, while Deutsche Bank’s Krisztina Katai slashed from $51 to $43.
Oppenheimer’s Brian Nagel and BTIG’s Robert Drbul cut their targets to $60 and $55, respectively.
The general view among analysts is that Nike’s business is facing major challenges and that its turnaround strategy is taking time to generate returns.
