Nike shares are trading around $36, close to the 52-week low of $35.22, as analysts reduce price targets ahead of the company’s first-quarter fiscal 2027 earnings report on October 1, 2026. Piper Sandler cut its target to $38 from $45 and kept a Neutral rating, while Deutsche Bank lowered its target to $37 from $45 and maintained Hold. Wall Street targets range from about $37 to $47, although Bank of America has a $30 Underperform target. Evercore ISI analyst Michael Binetti said some retail partners may have reduced or canceled Spring 2027 orders, potentially prompting Nike to lower its second-half fiscal 2027 outlook before the November investor day. Nike has guided for first-quarter revenue to decline by a low-to-mid-single-digit percentage, with the following quarter potentially weaker. Analysts also cite continued weakness in China, margin pressure, disappointing product launches, contraction in the Hoops Classics collection and competition from Adidas. Nike’s shares have fallen about 25% since its previous quarterly report, 42% this year and roughly 53% from their level one year ago. The company’s latest reported quarter produced $10.97 billion in revenue, down about 1% year over year, and earnings of $0.20 per share, above the $0.11 analyst estimate.