KeyBanc Downgrades Nike to Sector Weight; Stock Heads For Worst Week in Nearly 3 Months

According to KeyBanc, Nike shares are heading toward their worst weekly decline in nearly three months on Friday, with the brokerage downgrading the sportswear giant to Sector Weight from Overweight. Analyst Ashley Owens cited prolonged turnaround efforts and mounting uncertainties in China, Europe, the Middle East, and Africa as reasons for the rating cut. "There are signs of progress, but not enough for us to remain optimistic," Owens said. KeyBanc also lowered its fiscal 2027 earnings estimates and withheld a price target pending a more detailed strategic update from Nike.
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