KeyBanc said Nike has taken steps to revamp its sports apparel brand, but the progress hasn’t been fast enough or significant enough to make the stock a buy. The bank downgraded Nike from overweight to sectorweight. The company has not set a target price for its stock price. “There are signs of progress, but not enough to cause optimism,” analyst Ashley Owens said in a note to clients Thursday. “While NKE’s ‘Win Now’ efforts have been in place for more than a year, efforts to address sportswear right-sizing and pressure in Greater China have not been addressed as quickly as originally expected, and the reversal of trends in (Europe, the Middle East and Africa) raises further concerns.” The stock has fallen 36% since the beginning of the year as the Trump administration’s tariff hikes have squeezed apparel retailers’ margins. Nike is also struggling with declining sales in China, which once accounted for a significant portion of its sales. NKE YTD Mountain stock price fell 36% in 2026. About two years ago, Nike undertook a rethink of its corporate strategy under CEO Elliott Hill. The turnaround plan called for the company to drive further innovation across its product lines and return to a proven retail strategy. “While we acknowledge the progress we have made, we do not foresee meaningful stock appreciation as the cleanup continues,” Owens said in a note. KeyBanc’s call is consistent with Wall Street consensus. According to LSEG data, 23 of the 41 analysts covering Nike own the company’s stock. Evercore ISI also lowered its stock price earlier this week.
