Nike's (NKE) fiscal Q4 results are expected to remain soft, driven by continued internal dislocations and macro challenges in the US and abroad, Oppenheimer analysts said in a Friday note.

The company is expected to report its fiscal Q4 financial results on Tuesday.

The company's leadership is expected to highlight ongoing, increasingly aggressive repositioning efforts, analysts said.

"Nearer term, while we are encouraged that investor sentiment towards shares is now largely 'washed out,' we recommend clients remain on the sidelines, awaiting clearer signals of more broad-based recovery," Oppenheimer said.

Oppenheimer expects the company to report fiscal Q4 earnings of $0.10 per share. Analysts polled by FactSet expect $0.13.

Analysts retained an outperform rating on the stock, but lowered their price target to $60 from $120.

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