Can Nike Stock Hold Its $100B Market Cap? Analysts Remain Mostly Bullish Despite September Dip

Despite recent upbeat analyst commentary, Nike shares are losing momentum, putting the sportswear giant at risk of slipping below the key $100 billion market-cap milestone.

After ascending in each of the last four months, as a turnaround effort under the new CEO, Elliott Hill, took shape, the stock is down 6.3% so far in September, dragging the company’s market cap to $106.5 billion.

For reference, Nike had a market cap of $264 billion at its peak in late 2021. In the current year, the metric had slipped below $100 billion from March-end through June-end.

On Stocktwits, the retail sentiment for NKE stock remained ‘bullish,’ unchanged over the week, although some users expressed frustration over the stock weakness.

“$NKE When is this going to take off?” remarked one user.

Another user pinned hopes on talks between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled for Friday. Although they are expected to be on TikTok’s U.S. divestiture, an agreement could signal progress on trade issues which has plagued retail companies in the U.S.

Nike is in the process of resuscitating its business after years of the brand losing its appeal to competition, including newer sportswear companies such as Lululemon, Under Armour, and Deckers.

Elliott, who took over as CEO in October last year, implemented sweeping changes, including layoffs, management restructuring, and new product development with a particular focus on Nike’s core categories like running and basketball.

Nike delighted investors in June with upbeat results and a forecast, signaling gains from its turnaround strategy.

More recently, analyst firms such as RBC Capital Markets, Citi, and TD Cowen have revised their views on the company and its stock positively, citing business improvements.

Currently, 22 of the 39 analysts covering the stock have a ‘Buy’ or higher rating, 15 rate the stock ‘Hold,’ and one each rates it ‘Sell’ and ‘Strong Sell,’ according to Koyfin’s data. Their average price target is $80.20, implying an over 11% upside to the stock’s last close.

Nike shares are down nearly 5% year-to-date.

For updates and corrections, email newsroom[at]stocktwits[dot]com.