The athletic apparel and footwear giant's stock has also sorely underperformed the broader market as measured by the S&P 500, which has gained more than 6 percent since January.
Even so, Nike has plenty of fans on Wall Street. Most of the 30 analysts that cover the stock rate it a "buy." Their average price target is $65.79, about 18 percent higher than the current price of around $55. Brian Yarbrough, an analyst with Edward Jones, is among the minority who's not bullish on Nike.
"I don't think the next four or five years are going to be near as easy as the last four or five," said Yarbrough, who rates Nike a "hold." "There really was no competition until 2013-14 when Under Armour started getting into the footwear business. Adidas and Reebok were pretty much an after-thought. ... Nike kind of had the market ... in the U.S. basically to themselves."
He thinks Nike is at a disadvantage when it comes to pricing. It has lost ground to Baltimore-based Under Armour, which charges about $130 for a sneaker from its popular Stephen Curry line, far less than Nike commands for its LeBron James and Kevin Durant shoes (upper $100s to $200s) and its Michael Jordan brand (which can cost $300).
Adidas, which also has lagged Nike for years, is gaining ground as well on its Beaverton, Oregon-based rival in the running-shoe market. "We're hearing from some of the footwear retailers than some of their best sellers are Adidas products," Yarbrough said, adding that Nike can no longer count on consumers being willing to pay ever-increasing prices.
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