Nike Stock Now Trades 80% Below Its Record High — Telsey Says Turnaround Has Yet To Lift Sales

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Telsey believes that Nike’s strategic changes have yet to produce a broad sales recovery, according to The Fly.

  • Telsey cut its price target on NKE stock to $44 from $47 and kept a ‘Market Perform’ rating, according to TheFly.
  • Nike shares now trade around $36, their lowest level in over 12 years.
  • Nike’s strategic changes have yet to produce a broad sales recovery, said Telsey.

Nike Inc. (NKE) shares traded around $36.30 on Tuesday, nearly 80% below their November 2021 record high, as Telsey Advisory cut its price target and said the company’s turnaround is progressing slowly, according to The Fly.

Telsey Advisory Group lowered its Nike price target to $44 from $47 while maintaining a ‘Market Perform’ rating. The firm said Nike’s turnaround is progressing slowly. 

While Telsey believes the company is making the right moves by focusing on sports and rebalancing its product portfolio, sales trends remain weak, per TheFly.

Nike Sales Show An Uneven Recovery

Nike’s latest results showed some progress, but also continued pressure in key parts of the business. The company’s fiscal fourth-quarter (Q4) revenue reached $10.97 billion, down 1% from $11.10 billion the previous year. Nike direct revenue declined 7% year-on-year, including a 12% drop in Nike Brand Digital. 

A double-digit sales decline in Greater China offset modest growth in North America, the company’s largest market. Meanwhile, lower marketing and administrative spending helped trim operating expenses. 

That mixed performance aligns with Telsey’s view that the company’s strategic changes have yet to produce a broad sales recovery, according to The Fly.

Nike has been refocusing on sport, adjusting its product portfolio and rebuilding its wholesale relationships as part of its turnaround.

Nike’s Stock Falls From $179 To $36

Nike’s stock is back to price levels last seen around 2014. The shares reached an all-time high of about $179 in November 2021. At around $36 today, NKE stock trades roughly 80% below that record, highlighting the scale of the reset facing the company.

CEO Elliott Hill said the company continued to face “top-line headwinds,” while CFO Matthew Friend said sell-through remained challenged. At the same time, Hill pointed to progress in performance products as the company continues restructuring its assortment and marketplace strategy.

The next major update comes on October 1, when Nike is scheduled to report fiscal first-quarter 2027 results.

What Retail Investors Think About NKE Stock

Sentiment around NKE stock continues to remain ‘bearish’ on Stocktwits

NKE stock retail sentiment on September 15 as of 11:00 a.m. ET | Source: Stocktwits

So far this year, NKE stock has fallen around 42%.In comparison, VanEck Morningstar Wide Moat ETF (MOAT), which holds Nike stock, has risen more than 9% during this period.

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