1201 ET - Nike's stock may still not have hit its bottom, as questions about its future performance linger, UBS analysts say. The analysts Nike's sales guidance reflects weak demand in a marketplace with excess inventory, where pulling back on promotions could hurt revenue. Nike's reset in its sportswear and Jordan businesses could also take a while to show results, as trend cycles and a lack of brand momentum are weighing on the divisions, the analysts say. Nike's margins are becoming more exposed because the company is on its third big cost-savings initiative, the analysts say. That means any drop in sales could hurt margins more than Wall Street expects, they say.