Nike sales warning leads to slew of downgrades

A Nike Well Collective store in the Upper East Side neighborhood of New York, US, on Friday, June 28, 2024. Nike Inc. shares sank after the sneaker company's full-year outlook missed expectations, stoking investor concerns about waning demand and competition from upstarts On and Hoka, as well as rival Adidas AG. Photographer Bing Guan/Bloomberg

NEW YORK: Wall Street is the least bullish it’s been on Nike Inc shares since 2017 after the sportswear firm’s warning of a slower year ahead spurred a flurry of analysts to remove their “buy” calls from the stock.

The sneaker maker has been losing ground to competition from rivals like Adidas AG and its disappointing outlook led at least seven brokers, including JPMorgan Chase & Co, Morgan Stanley and UBS Group AG, to drop their once bullish positions and move to the sidelines.