On August 4, Nike fell 3.07% in pre-market trading, trading at approximately $41.30/share, with turnover of $4.09 million. The decline was triggered by JPMorgan downgrading Nike from Neutral to Underweight, with the price target cut from $47 to $40.

The downgrade comes amid growing concerns over Nike's China strategy. Nike recently announced that starting January 2027, it will terminate online sales authorization for thousands of third-party distributors in mainland China, retaining only official flagship stores on Tmall, JD.com, and Douyin, along with its own digital channels. Multiple analysts have questioned this move, with some calling it a \"strategic misstep\" that could open the door for competitors to gain market share. Nike's stock has declined approximately 44% over the past year, with the China region experiencing two consecutive years of sales declines. According to FactSet, Nike currently holds an average analyst rating of Hold with a mean price target of $49.71.

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