Citigroup became the latest firm to downgrade the athletic shoe company. It also upgraded Deckers Outdoor, the maker of Hoka.

Citi is just back from a meeting with new Nike CEO Elliott Hill, and feeling unenthused by the CEO's promises for 2026 performance. Neither sales nor earnings forecasts were as good as Citi hoped for, and "Nike's sales pressures seem likely to continue as it manages down key franchises further in fiscal 2026," reports The Fly.

Citi has downgraded Nike Inc.’s stock to neutral from buy, citing the challenges facing the sneaker maker as it attempts to get back on track.