** Brokerage JP Morgan cuts sportswear giant Nike's NKE.N PT to $56 from $64

** Brokerage notes NKE has elevated inventory levels in categories, including apparel, which are spread across factory stores and wholesale partners

** Remains "neutral" and forecasts fiscal 2026 consolidated revenue to decline 4.7%, owing to a rise in selling, general and administrative expenses

** Expect NKE to prioritize brand reinvestments, even in the face of anticipated revenue headwinds associated with repositioning of marketplace and product portfolio - Matthew Boss, analyst with J.P.Morgan

** Focus on lower-margin performance products over casual ones, more investment in lower-margin wholesale channels, underperformance in Greater China - most profitable region, could pressure NKE's gross margins in second half of FY26, says brokerage

** Up to last close, stock down 22.6% YTD

(Reporting by Anuja Bharat Mistry in Bengaluru)

((AnujaBharat.Mistry@thomsonreuters.com))