Nike Stock Downgraded to Underperform Amid Revenue Weakness Concerns

A Bank of America analyst, Lorraine Hutchinson, has downgraded Nike (NKE) stock to underperform due to expectations of prolonged revenue weakness across major athletic footwear segments.

Hutchinson lowered her price target on NKE to $30, indicating a potential downside of another 15% from current levels. This bearish call is significant given Nike's already disappointing performance in 2026, with the stock down 45% year-to-date.

The analyst cites sharp declines in core lifestyle franchises and classic footwear lineups, as well as severe inventory risks in the wholesale channel. She also expects negative top-line growth through next year, pushing out any meaningful operational turnaround until fiscal 2028.