JPMorgan Downgrades Nike on Win Now Concerns
Nike () has been downgraded by JPMorgan from Neutral to Underweight due to concerns about the financial impact of its Win Now initiative. The firm lowered its price target to $40.00 from $47.00, which is just below Nike's current trading price of $41.21.
The Win Now program was launched in December 2024 under CEO Elliott Hill and aims to refocus the company's culture on sport and growth. However, JPMorgan analyst Matthew Boss believes that the financial impact of these decisions will be felt in the second half of 2027 and into fiscal year 2028.
Nike has made significant changes across its leadership team, business structure, supply chain, and marketplace to address the priorities outlined in Win Now. The company has shifted to a Sport-Offense construct from its previous gender-based structure.