Nike Drops to 52-Week Low as Citi Points to Turnaround Challenges

Nike (NKE) shares have plummeted to their 52-week low, with the stock down over 30% year-to-date. The recent decline can be attributed to several challenges the company faces, as highlighted by Citi analyst Paul Lejuez downgrading the sportswear giant to "Neutral" from "Buy." Lejuez cited the competitive threat in running and the difficulties in earning back lost shelf space as key concerns. Nike's turnaround plan, which includes focusing on sports, speeding up product development, improving wholesale relationships, and lowering expectations, has not yet yielded the desired results.