((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(Updates)
June 28 – **Shares of Nike NKE.N, the world’s largest sportswear maker, plunged 20.6% to $74.76, their lowest level since March 2020
**Stock on track for worst day, if losses continue
** The company forecast a surprise drop in revenue for fiscal 2025, due to lower demand for its athletic shoes
** Nike expects fiscal 2025 revenue to decline by a single-digit percentage, while analysts expected a 0.91% increase – LSEG data
** Morgan Stanley downgrades NKE from “overweight” to “equal weight”; lowers forecast stock price from $114 to $79
** Revenue growth and earnings improvement timeline abandoned in near term, recent performance marked by misses and outlook reductions, downgraded guidance may not be achievable – MS
**At least 18 brokerages have cut their forecasts on the stock
**Nineteen of 40 brokers rate the stock at “buy” or higher, 18 at “hold” and three at “sell”; their median forecast is $100 – LSEG
** Shares of peers Under Armour UAA.N and Lululemon Athletica LULU.O fell about 3%
** Foot Locker FL.N shares fall about 4%, while VF Corp VFC.N falls 2.5%
** Including session losses, NKE has lost nearly 30% year to date
