NKE, MCD, STZ Stocks Plummet to 52-Week Lows Amid Sector Weakness
Nike Inc. (NKE), McDonald's Corp. (MCD) and Constellation Brands Inc. (STZ) plummeted to 52-week lows due to negative company catalysts and broader sector weakness.
NKE stock fell 0.78% at close after being announced last week that it will be removed from the S&P 100 index as of Sept. 21, marking its nearly 18-year run in the blue-chip stock group.
BMO Capital analyst Kelly Crago initiated coverage of Nike with an 'Underperform' rating and $30 price target, predicting a downside of more than 21% from its last close.
The company faces slowing lifestyle demand, a China distribution reset, and structurally lower margins, according to the analyst, who expects Nike to reset the fiscal 2027 bar when it reports fiscal first-quarter (Q1) results in October.