Nike's (NKE) global sales growth trends "deteriorated" over the last quarter, potentially leading the company to post fiscal Q3 earnings per share just in line with Street expectations, UBS Securities said in a Sunday note.
UBS said the company's US direct-to-consumer sales growth in fiscal Q3 was weak based on its checks and industry data. Nike's Europe business and sales growth trend in China also underperformed during the quarter, the investment firm added.
Meanwhile, UBS Evidence Lab's pricing data indicated that Nike's fiscal Q3 promotions increased on a yearly basis, according to the note.
"We see risk Nike's fiscal 2026 commentary would be meaningfully below expectations, causing Street EPS estimates to fall and market sentiment to weaken," UBS said.
Nike is set to release its fiscal Q3 results on March 20.
UBS reiterated its neutral rating on Nike, with a price target of $73.
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