UBS: Nike has not yet shown signs of recovery.

UBS analysts said there is no reason to buy Nike's stock, even though some may believe that the weak expectations for the sports apparel brand have already reset market expectations, providing a low entry point for buying the stock, as momentum may increase with the approach of analyst day in the fall. They said, "In the past four years, there have been many times when it seemed like Nike's business would turn around in the next 12 months. However, this has not happened yet." They forecast that Nike's earnings per share may decline to levels not seen in over a decade by the 2026 fiscal year. "We believe Nike is a stock that needs to prove itself with performance, and we have not seen enough information from the company to believe that a recovery is imminent."