HSBC downgraded Nike Inc. (NKE) from Buy to Hold. The firm reduced its price target from $90 to $48. Analysts cited limited visibility for a business recovery. They described the turnaround as a show me story with no short-term catalysts.
Persistent weakness in the Converse brand drove the downgrade. HSBC also noted slowing demand in China and EMEA markets.
Nike shares have declined 36% over the last six months. The stock currently trades near its 52-week low. HSBC lowered its EBIT estimates for fiscal years 2026-2028 by 35%.
Piper Sandler recently downgraded the stock. RBC Capital also reduced its price target due to ongoing recovery challenges.