** Shares of footwear giant Nike NKE.N down about 1% at $62.55 premarket

** Needham downgrades stock to "hold" from "buy"; says NKE turnaround is progressing slower than expected

** Adds increased shipping to North American wholesalers could cause "near-term challenges" given "brand heat" is insufficient to match inventory push

** "Challenges in China and the Converse brand appear very intense and the timeline to get those businesses back on track is uncertain" - Needham

** 24 of 40 brokerages rate stock "buy" or higher, 14 "hold" and 2 "sell" or lower; median PT is $74 - data compiled by LSEG

** Stock fell ~16% in 2025

(Reporting by Koyena Das in Bengaluru)

((Koyena.das@thomsonreuters.com;))