Nike stock just can't stop falling.

The sportswear giant's shares were down more than 1% ahead of the open Tuesday and on track to close at a fresh 13-year low.

It picked up another downgrade, too, as Berenberg analysts cut their rating to Sell from Hold. Their price target was slashed to $27.50 from $49. "Nike appears to have accepted a smaller place in sportswear," analyst Nick Anderson said in a note early Tuesday.

Nike's fiscal year 2027 outlook disappointed the market after its first-quarter earnings Thursday. The company said it expects revenue to decline by high single digits in the year to May 31, 2027.

"Nike's solution is to organize sportswear around smaller focus areas. To us, this reads as an admission that market structure has shifted irreversibly against Nike," Berenberg analysts added.

Nike didn't immediately respond to Barron's request for comment.

Investors have long been waiting for the turnaround to take effect and start showing in the stock price. The shares have fallen 47% in 2026 and are down 81% from their record closing high in November 2021.

After such a decline, you might expect some optimism on Wall Street. However, just 26% of analysts covering Nike have a Buy rating on the stock. That's the lowest level in at least 20 years, according to FactSet data.

The wait for a comeback goes on.