Nike Stock Dives After JPMorgan Downgrade and Price Target Cut

Nike's stock price took a hit on Tuesday, falling 3.6% after JPMorgan analyst Matthew Boss downgraded the company's stock to underweight from neutral.

The downgrade and subsequent price target cut to $40 from $47 were based on concerns that Nike's 'Win Now' strategy would continue to drag on earnings through at least fiscal 2028.

The biggest challenge facing Nike is its struggles in China, where the company is pulling back online sales to its flagship stores on Tmall, JD.com, and Douyin while cutting ties with partners Topsports and Pou Sheng.

JPMorgan estimates that this move alone could wipe out around $1 billion in revenue, or about 20% of Nike's fiscal 2026 China sales.