Nike’s Spiraling Stock Has Wall Street Questioning Comeback Plan

Wall Street is souring on Nike Inc. as concerns over its ability to revamp its business have driven the stock to levels not seen in more than a decade.

Shares touched their lowest since 2014 to begin the week after HSBC’s Akshay Gupta cut his rating on the shoemaker to hold, saying the thesis around the company’s turnaround has become a “show me story.” That sentiment was quickly echoed by UBS analyst Jay Sole who said there are few catalysts to justify buying Nike shares even at current levels.