Nike shares slipped 1.4% in premarket trading Tuesday after Evercore ISI downgraded the stock to In Line from Outperform and cut its price target to $46 from $57. The downgrade reflected deteriorating channel checks, minimal new product innovation, and a rising risk that the company will need to reset consensus estimates lower before its critical Fall analyst day. Evercore flagged deepening deterioration in U.S. lifestyle and family channels, struggling Jordan retro launches, and European supply chain disruptions causing World Cup product to arrive late. The analysts trimmed their fiscal 2027 EPS estimate to $1.65 from $1.70, well below the Street's $1.82, and cut their fiscal 2028 estimate to $2.20 from $2.25, versus consensus of $2.33. They noted that performance categories such as Nike Run remain solid and that a potential $1 billion tariff refund could support reinvestment, but they see almost no incentive for the company to raise its outlook at the upcoming quarterly update.
Nike IncEvercore downgraded Nike to In Line and cut price target, citing weak channel checks, minimal innovation, and risk of lower consensus estimates.