$NKE Touches 13-Year Lows as Goldman Sachs Slashes Target to $30 on Steep China Slump

Goldman Sachs lowered its price target on Nike ($NKE) from $38 to $30 while maintaining a Neutral rating, pointing to a prolonged operational turnaround and fiscal 2027 guidance that fell well short of Wall Street estimates. Shares of the sportswear giant slid to $33.87—hovering near 13-year lows and down roughly 81% from record peaks—valuing the company at approximately $50 billion.
During the fiscal Q1 earnings call, newly appointed CEO Elliott Hill and CFO Dave Denton outlined mounting macro and portfolio headwinds. Nike Sportswear fell by double digits, the Jordan brand dropped in the mid-teens, and revenue across Greater China slumped 26%, with management warning of further deterioration in the region through the remainder of the fiscal year.
To reset brand equity, Nike intentionally slashed revenue from its Dunk franchise by nearly 50% (~$200 million impact) to curb retro market oversaturation. Although performance running and North American sales (+2%) showed resilience, management expects fiscal 2027 revenue to fall by high single digits, projecting adjusted EPS between $1.15 and $1.35.