Shares of athletic footwear and apparel giant Nike (NYSE:NKE) have declined nearly 25% over the past year, lagging the broader market. The company has been losing market share to emerging players and established rivals due to the lack of innovative offerings. Wall Street is divided on Nike stock. Some analysts believe that the company will regain its lost mojo, backed by its initiatives to revamp its business, efforts to refocus on innovation, and cost reduction measures. However, others are cautious due to several near-term headwinds, including macro pressures and rising competition.
Nike is Losing Ground to Peers
Last month, Nike reported upbeat results for the third quarter of Fiscal 2024, driven by higher pricing and better-than-anticipated performance in North America. Meanwhile, the company’s revenue from the Europe, the Middle East and Africa segment declined 3%, while revenue from China increased 5%.
Investors…
