Nike is facing a major business storm after its share price fell around 78% from its late 2021 peak and hit a 12-year low earlier this week, wiping more than 200 billion dollars off its market value before rebounding 2.47% on Wednesday, August 19. Elliott Hill, Nike's CEO, admitted in an internal meeting that he was tired of talking about fixing problems and could not pretend everything was going well. Revenue from Greater China, which includes China, Hong Kong, Macau and Taiwan, fell 12% in the latest quarter, while JPMorgan downgraded Nike from Neutral to Underweight, warning that the Win Now plan would keep pressuring earnings through fiscal 2028. Bernstein maintained its Buy rating with a 68 dollar price target, implying upside of about 70% from current levels.
Nike IncNike's Greater China revenue fell 12% and shares hit a 12-year low.
JPMorgan Chase & Co