Once an iconic brand, Nike (NYSE: NKE) is in the midst of a turnaround that, while showing some signs of progress, is taking longer than expected. The company is seeing improving wholesale revenue, but slumping sales across its Greater China segment and its Converse brand are still concerns. While some analyst price targets look favorable, one bearish view, which prices the stock at $23, suggests further downside could be ahead.
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Continue » Analysts are generally cautious about what's in store for Nike over the next year. Of the 41 who cover the stock, 32% rate it a buy, 61% a hold, and 7% a sell, according to CNN. And the lowest price target for that group over the next year is $23 per share.
From a closing price of $36.80 on Sept. 11, that would represent a potential loss of 37.5%. Aside from a broad market sell-off, what could send shares that low is continued weakness in sales in Greater China. For its fiscal 2026, revenue for its Greater China segment sank 11% from the prior-year period to $5.8 billion.
In addition, while not a major revenue contributor, Nike is still seeing rapid sales declines in its Converse brand, just adding another issue to the pile for the sneaker maker to address. For fiscal 2026, Converse revenue dropped 31% to $1.2 billion. Among that group of 41 analysts mentioned earlier, the median one-year price target is $46, representing a potential gain of 25% from the recent closing price of $36.80.
For the stock to rally to that target by September 2027, Nike needs to show sales improvements in Greater China. In addition, Nike is showing progress in expanding its wholesale revenue, which climbed 6% to $27.5 billion for its fiscal 2026. That gives the retailer a bright spot to build off of in its next few earnings reports.
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