According to CNBC, JPMorgan downgraded Nike to underweight from neutral and cut its price target to $40, implying a 6% loss from Monday's close. Analyst Matthew Boss said Nike's "Win Now" turnaround plan is expected to pressure the company's balance sheet for the next few years and said the financial effects of decisions made through the end of calendar year 2026 will linger into 2H27 and FY28. Boss also said Nike faces revenue headwinds in China, where sales have recently declined, and estimated the company is approaching a $1 billion revenue headwind as it revamps its digital marketplace presence in the region. He added that Nike faces further pressure in North America as it reduces its U.S. store footprint by about 10%, with the impact of those closures likely lasting until around July 2027. Shares were down more than 3% in premarket trading Tuesday.