Nike’s China Reset Will Take 4 Quarters — Wall Street Is Done Waiting

2 hours ago 2

Joel South

Wed, April 1, 2026 astatine 9:34 AM CDT 4 min read

Goldman Sachs and JPMorgan downgraded Nike (NKE) to Neutral with $52 terms targets, citing an extended turnaround timeline with China betterment present not expected until fiscal 2029 arsenic section brands summation stock and user spending cools.
Nike’s guardant P/E of 44x implies a near-term net betterment that contradicts the Street’s ain updated guidance showing antagonistic income momentum extending into Q4 and level EPS for the adjacent 9 months, making the existent valuation progressively disconnected from fundamentals.
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Nike (NYSE:NKE) banal is absorbing a question of expert downgrades and terms people cuts pursuing fiscal Q3 results, which the institution reported connected March 31. The banal fell 14.44% successful aboriginal trading connected Wednesday to astir $45.22. The cardinal connection from Wall Street is consistent: The China betterment volition instrumentality longer than expected, and the patience required to clasp done it has a limit.

So acold this year, shares of NKE are down 28.54%, dragging Nike banal down 30.17% implicit the past 52 weeks.

Ticker

Company

Firm

Action

Old Rating

New Rating

Old Target

New Target

NKE	Nike	Goldman Sachs	Downgrade	Buy	Neutral	$76	$52
NKE	Nike	JPMorgan	Downgrade	Overweight	Neutral	$86	$52
NKE	Nike	BofA	Downgrade	Buy	Neutral	$73	$55
NKE	Nike	Barclays	Price Target Cut	Overweight	Overweight	$73	$67
NKE	Nike	BTIG	Price Target Cut	Buy	Buy	$90	$75
NKE	Nike	Citi	Price Target Cut	Neutral	Neutral	$65	$53
NKE	Nike	Piper Sandler	Price Target Cut	Overweight	Overweight	$75	$60
NKE	Nike	Stifel	Price Target Cut	Hold	Hold	$65	$56
NKE	Nike	Truist	Price Target Cut	Buy	Buy	$69	$57

Goldman Sachs and JPMorgan some downgraded Nike to Neutral with a $52 terms target, portion BofA moved to Neutral from Buy with a $55 target. The communal thread: the turnaround timeline has been extended materially. Management guided income to stay antagonistic into Q3, with EPS expected to beryllium astir level for the adjacent 9 months. JPMorgan's timeline for Nike reaching a 10% operating borderline has present been pushed to fiscal 2029, from fiscal 2028.

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China is the sharpest symptom point. Q4 Greater China revenues are expected to diminution 20%, extending a streak that has present tally six consecutive quarters. Local brands including Anta and Li Ning are gaining share, and cooling user spending is compounding the pressure.

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