One analyst is no longer willing to run with Nike (NKE -1.91%), and the stock stumbled on Wednesday as a result. Numerous investors took the pundit's recommendation downgrade to heart and traded out of Nike; when the race was over, the shares had clocked a 2% decline in price. That wasn't impressive considering the S&P 500 index inched up on the day, albeit only marginally.

No longer overweight

Before market open, Wells Fargo (WFC -0.10%) prognosticator Ike Boruchow knocked his Nike recommendation down to equal weight (read: hold) from his preceding overweight (buy). He also made a relatively aggressive cut to his price target on the well-known athletic apparel and equipment company to $55 per share from $75.

Nike bulls could take some comfort from the fact that Boruchow's move was part of a broader update on U.S. apparel and footwear stocks, and not limited to Nike.

According to reports, the analyst expressed concern about the effect of the current "punitive" tariffs imposed by the Trump administration on such companies, many of which are active importers of goods and materials from China.

Boruchow also factored in widespread expectations of a mild recession in this country, which to no small degree should stem from the trade war. Finally, he opined that Nike's business turnaround, in which it's aiming to reestablish good relations with retailers following a clumsy attempt to focus on direct-to-consumer (DTC) selling, was taking longer than anticipated.

A long game

When management aims to change the strategy of a large, sprawling business, it can be like attempting to turn a battleship -- a slow and challenging endeavor. That being said, we really should be seeing more significant improvements from Nike now that its shift has been in effect for quite some time.

There's much to like about this innovative company with its great knack for marketing, but investors are getting understandably impatient for better results.