Nike is struggling to reinvigorate growth.

Evercore ISI downgraded Nike to in line and cut its target to $46 from $57, citing weak U.S. demand, soft Jordan retros, and late Europe product.

NIKE (NKE) stock is ~75% below its peak despite a Q3 earnings beat. Despite beating Q3 earnings, NKE shares fell 9%. See here for more details.

There were some glimmers of hope in its fourth-quarter report.

Up 47 minutes ago Live That wraps up our initial coverage of Nike’s Q4 results. Thank you for stopping by! Check out management’s earnings call at 5 PM ET for more updates. Nike's Q1 EPS Beat Wasn't as Strong as the Headline Suggests 52 minutes ago Live Nike’s reported

Nike is scheduled to report its fourth-quarter fiscal 2026 earnings results on Tuesday, June 30, after the market close, against a backdrop of a nearly 35% stock decline

It could provide some important updates.

Nike’s profit and gross margins were buoyed by a tariff refund.

I keep hitting the buy button on Nike, and Tuesday’s earnings report has not slowed me down. It has done the opposite. Every panic headline about CFO Matthew Friend stepping down, every Reddit thread warning of soft numbers,

The company is running at two different speeds, and the larger, slower part of the business faces a consumer who is starting to pull back.

Nike is still navigating challenging macroeconomic headwinds, including inflation and higher energy prices, which are hurting consumer spending. It reported flat revenue for fiscal 2026, which ended in May,