Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTFiona CraigTue, June 23, 2026 at 3:05 PM GMT+2 3 min readNike swoosh on building ©ShutterstockAnalyst Downgrade Highlights Near-Term Execution RisksNike (NYSE:NKE) shares slipped 1.4% in premarket trading on Tuesday after Evercore ISI downgraded the sportswear giant to In Line from Outperform and reduced its price target to $46 from $57.The brokerage cited weakening sales trends, limited product innovation and growing concerns that Nike may need to lower market expectations ahead of a key investor event later this year.Turnaround Effort Faces Fresh ChallengesNearly two years into Nike's turnaround strategy, Evercore said its latest channel checks continue to reveal signs of pressure across several important parts of the business.The firm pointed to worsening conditions in U.S. lifestyle and family retail channels, where order cancellations and delayed purchases are reportedly exceeding company expectations.Analysts also highlighted softer demand for recent Jordan retro product launches and supply chain disruptions in Europe that have delayed the arrival of World Cup-related merchandise.Risk of Further Guidance ReductionsEvercore believes there is an increasing likelihood that Nike will need to lower consensus expectations again in the near term."We see rising probability that Nike will have to signal Consensus lower again in the near-term to avoid potential for a far worse scenario where it would have to lower the full FY27 outlook at the Fall '26 analyst day," analysts led by Michael Binetti wrote.The brokerage added that such a move would be "highly distracting as it tries to refocus investors on a better narrative on that day."Earnings Forecasts ReducedReflecting its more cautious stance, Evercore lowered its fiscal 2027 earnings-per-share estimate to $1.65 from $1.70, below the broader market consensus of $1.82.The firm also reduced its fiscal 2028 EPS forecast to $2.20 from $2.25, compared with analyst expectations of approximately $2.33.According to Evercore, investors are likely to react strongly to any changes in Nike's existing guidance that first-half fiscal 2027 revenue will decline by a low-single-digit percentage.Some Positive Indicators RemainDespite the downgrade, the brokerage acknowledged several areas of strength within the business.Performance-focused categories, including Nike Run, continue to deliver solid results, while a potential $1 billion tariff refund could provide additional resources for marketing and brand investment.Evercore also indicated that consensus expectations for the company's fourth-quarter results appear largely achievable.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info