DKS Plunges 30% in Record Drop, Nike Downgraded Amid Footwear Weakness

DICK'S Sporting Goods (DKS) shares plummeted over 30% in the previous session, marking its biggest single-day drop on record.

The stock is now nearly 50% below its 2026 high of $244.38, putting it near levels last seen in late 2023.

Wall Street analysts at Truist, Telsey Advisory, and KGI Securities downgraded DKS to 'Hold', 'Market Perform', and 'Neutral' respectively, while Barclays sharply lowered its price target but kept an 'Overweight' rating.

Telsey pointed to slowing demand for athletic apparel and footwear, along with Foot Locker's greater exposure to the softer lifestyle footwear market, which could delay the turnaround at DICK'S by several quarters.