Nike's Stock Price Hits 12-Year Low Amid Revenue Growth Worries

Nike's stock price has fallen to a 12-year low after closing at $38.40, a figure it hasn't reached since over a decade ago.

The company's revenue growth has weakened, cash flow has been poor, and there are increasing doubts about the brand's value.

Analyst Joseph Civello from Truist has downgraded Nike to a Hold rating and cut his price target from $47 to $42 due to uncertainty surrounding the company's turnaround following a guidance cut from Dick's Sporting Goods.

The technical picture remains weak, with NKE maintaining Strong Sell ratings on daily and weekly charts, indicating an ongoing downtrend and selling pressure.