Needham downgrades Nike on slower than expected turnaround

Needham analyst Tom Nikic downgraded Nike (NKE) to Hold from Buy without a price target The company’s turnaround is progressing slower than expected, the analyst tells investors in a research note. Needham is concerned about Nike’s recent level of sell-in in its North America wholesale channel. In addition, China “appears highly problematic,” and consensus estimates for the next 12-24 months “look too high,” contends Needham.