Nike Languishes Near 12-Year Lows After JPMorgan Downgrade

Nike shares fell to a 12-year low this week, closing at $39.09 on Monday before recovering modestly to around $40 by Tuesday. The stock now trades roughly 78% below its 2021 peak after JPMorgan downgraded shares to Underweight, cutting its price target to $40 and warning that CEO Elliott Hill's turnaround decisions will pressure earnings into fiscal 2028.

The pressure is concentrated in China, where Nike has posted eight consecutive quarters of falling Greater China revenue as younger consumers increasingly favor domestic brands Anta and Li-Ning. UBS also downgraded the stock, pointing to falling secondary-market prices for Nike and Jordan footwear.

Not all analysts are bearish: Bernstein maintained an Outperform rating while trimming its target to $68, arguing the brand's stabilization is a matter of time rather than direction.