Nike and Lululemon Stocks Plunge Amid Analyst Caution

Nike and Lululemon stocks are on track for weekly losses as analysts express caution about the athletic apparel sector. Truist downgraded Nike to 'Hold' from 'Buy' and cut its price target to $42, citing weaker footwear trends at DICK'S Sporting Goods.

The firm wants more evidence that Nike's restructuring efforts are working and that upcoming product launches can restore momentum.

Nike has lost over 38% of its market value this year and delivered its weakest relative performance against the S&P 500 in roughly 25 years.