Nike’s long-awaited rebound is taking shape.
Shares of the athleticwear giant, which closed 2024 above $75 before tumbling below $54 this April, are now trading just under $71. The recovery leaves the stock more than a third below where it ended 2023—and far from its 2021 record highs—but analysts say momentum is returning.
The sharp decline earlier this year triggered leadership changes, with Elliott Hill returning as CEO after a disappointing fiscal fourth quarter and weak guidance rattled investors. Now, sentiment appears to be shifting ahead of the company’s next quarterly report.
Wall Street is cautiously optimistic. The average analyst price target recently moved above $80, around 13% above Tuesday’s close. Baird named Nike a “fresh pick” this week, pointing to cleaner inventory, stronger product innovation, and potential for better-than-expected results. Their $88 target is currently the most bullish on the Street.
Bank of America, while supportive with an $84 target, flagged margin pressures tied to tariffs. Some firms remain skeptical: Morgan Stanley, for example, lifted its target only to $70, keeping an “Equal-weight” rating.
Still, longer-term projections from the bulls are more ambitious. Baird sees Nike working back toward the low-to-mid $100 range over the next 18 to 24 months—levels not seen since early 2024.
