Nike (NKE) closed at $39.09 on Monday, Aug. 17, down about 4% on the day and the lowest close the stock has recorded since 2014. Anyone who bought shares at any point in the intervening 12 years is now flat or underwater on price. Shares rebounded on Tuesday morning, trading around $40.38 by late morning in New York. By Friday afternoon, it hadn't changed all that much at $40.79. But as the stock continually creeps lower, it is hitting lows not seen in over a decade.
The close is also a small embarrassment for the most bearish call on the street, in the sense that it beat it. Roughly two weeks earlier, JPMorgan analyst Matthew Boss had downgraded Nike to “Underweight” from “Neutral” and cut his price target to $40 from $47, arguing that the turnaround decisions taken in 2026 would hurt profits before they helped them. The stock reached his target, and then went through it, within a fortnight. The 36 analysts covering the name still average a $49.88 target and a consensus rating of “Moderate Buy,” which is not exactly a death knell but also not a strong sign of support.
