Wall Street’s enthusiasm for Nike Inc. has reached the lowest in at least a quarter of a century as Bank of America Corp. became the latest to sour on the troubled sportswear firm. Analyst Lorraine Hutchinson downgraded shares to underperform from neutral, pushing back expectations of a sales turnaround to 2028. She also slashed earnings estimates for 2027 and 2028, flagging downside risks to profit and valuation.

On a scale from 1 to 5, Nike’s consensus analyst recommendation is now 3.3, the lowest since at least 2001. Shares closed 0.7% lower at $35.75 in New York. Hutchinson’s new price target of $30 implies a downside of 16%. The stock has not had a positive year since 2021 and remains on pace for its worst yearly performance since 1993.

Hutchinson noted risks around Nike’s turnaround efforts, including slowing wholesale momentum in North America, a China business “in flux,” and macroeconomic pressures in Europe. Nike has lost more than half of its value since CEO Elliott Hill’s return was announced, erasing almost $77 billion in market capitalization. Recent brand setbacks include rival Adidas AG gear in the FIFA World Cup Final and the loss of Kylian Mbappé to On Holding AG.

New CFO David Denton, who joined from Pfizer Inc., inherits a situation with “limited room for operational error.” Nike will report first quarter results on October 1.