Nike shares are trading near $36 and the 52-week low of $35.22 ahead of its October 1, 2026, first-quarter fiscal 2027 earnings report. Piper Sandler cut its price target to $38 from $45 and Deutsche Bank lowered its target to $37 from $45, while analysts cited weak China demand, margin pressure, disappointing product launches, contracting Hoops Classics sales and competition from Adidas and On. Evercore ISI analyst Michael Binetti said some retail partners may have reduced or canceled Spring 2027 orders, potentially forcing Nike to lower its second-half fiscal 2027 outlook before its November 16-17 Investor Day. Nike has guided for a low-to-mid-single-digit first-quarter revenue decline, with the following quarter potentially weaker. The stock is down about 25% since its previous quarterly report, 42% this year and roughly 53% from a year earlier.