Nike's stock has faced significant volatility following its Q2 2025 earnings report. Despite beating earnings and revenue expectations, the company has experienced a series of analyst downgrades. Telsey Advisory downgraded Nike to Market Perform with a price target of $80, while BofA lowered its price target to $90 from $95, maintaining a Buy rating. Citi and Bernstein also adjusted their price targets to $102 and $102 respectively, citing near-term challenges but a potential fiscal 2026 recovery. Nike's stock, which initially surged after the earnings announcement, dropped sharply during the conference call and pre-market trading, touching as low as $71 and was down 6% pre-market. CEO Elliott Hill is taking steps to address inventory issues, which analysts believe may temporarily impact earnings but could pave the way for future innovation. The Dow was flat during this period.