‘Lace Up, But Don’t Sprint,’ Says Top Analyst on Nike Stock (NKE)

Nike (NKE) is starting to show signs of brand improvement, but Wall Street remains careful about how quickly that progress will show up in results. In a new note, top analyst Jay Sole of UBS reiterated a Neutral rating on Nike and kept his $62 price target, saying the recovery is moving in the right direction but may take longer than investors expect.

That view is based on UBS Evidence Lab’s 11th global sportswear survey. Sole said the results were encouraging and showed that Nike’s brand remains strong and has improved compared with last year. In his view, this gives Nike a solid base to work from as it continues its turnaround.

Survey Points to Better Access and Brand Perception

One clear positive from the survey is product access. Since Elliott Hill became CEO in 2024, Nike has pushed back into the wholesale channel. As a result, more consumers now say Nike products are easy to find, both in stores and online. This is a clear change from 2019 to 2022, when Nike pulled back from wholesale and was harder to find.

At the same time, the survey shows improving brand perception. The share of consumers who say Nike is “good for doing sports” has climbed back to its 2019 peak. UBS believes this reflects Nike’s renewed focus on sports under Hill’s leadership, after years when lifestyle products played a bigger role.

Even with these gains, UBS is not ready to turn bullish. Sole believes Nike’s business should continue to improve, but he expects the recovery to be gradual. Pressure on earnings, uneven results across regions, and execution risks remain as the company works through its transition.

Is NKE Stock a Buy, Sell, or Hold?

Currently, Wall Street has a Moderate Buy consensus rating on Nike stock based on 20 Buys and nine Holds. The average NKE stock price target of $80.00 indicates 33.33% upside potential from current levels.

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