Nike Downgraded by Bank of America, Price Target Cut to $30

Bank of America downgraded Nike on Friday, September 25, and slashed its price target from $47 to $30, citing weak wholesale momentum and ongoing sales challenges in China. Nike shares closed essentially flat at $35.75, down just 0.67% despite the sizable cut.

The bank lowered its earnings projections to $1.43 per share for fiscal 2027 and $1.87 for fiscal 2028, reflecting expectations that Nike's turnaround will take longer than previously anticipated. Analysts also flagged the sustainability of Nike's $1.64-per-share dividend, since projected earnings could fall short of that payout.

Nike shares have lost roughly 75% of their value over the past five years. The company's next earnings report, due October 1, is expected to offer more clarity on its recovery path.