Bank of America cuts Nike price target to $30 as recovery slips to fiscal 2028

  • Bank of America cut Nike’s price target to $30 from $47.
  • Analysts reduced fiscal 2027 and 2028 earnings estimates by 11% and 12%.
  • Nike sales are expected to contract through fiscal 2027 as recovery shifts toward fiscal 2028.

Nike’s recovery is expected to take longer than previously forecast, with Bank of America cutting its price target to $30 from $47 and warning that sales could continue contracting through fiscal 2027. The bank downgraded the stock to Underperform from Neutral, while analyst Lorraine Hutchinson said expectations now extend into fiscal 2028. Analysts reduced fiscal 2027 and fiscal 2028 earnings-per-share estimates by 11% and 12%, respectively, and lowered the valuation multiple used for the target to 16 times earnings from 22 times. Nike’s shares traded at $36.08, up 0.24%, but remained down 44% year to date, compared with a 12% gain for the S&P 500. North American wholesale growth, which reached 14% in fiscal 2026, is expected to weaken as retailers become more cautious. In China, weak sports demand, slower running-category growth, excess inventory and changes to online distribution are adding pressure. Nike continues working on product innovation and brand improvements, but those efforts have not offset weakness in major casual categories.

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