Nike Shares Drop 8% Amid Continued Pressure and UBS Neutral Rating
Key Facts
Nike shares fell 8% to reach a low of $32.00 during trading on Friday, October 2, 2026. The sharp decline followed the revelation of company plans to implement employee layoffs, which intensified selling pressure on the stock throughout the session.
UBS maintained a Neutral rating on Nike stock with a hold recommendation as the price hit its intraday low. NKE closed at $35.40 on September 30, 2026, before dropping to the current $32.00 level in trading on October 2, 2026, following weak fiscal 2027 guidance that projected a high-single-digit revenue decline.
Latest Updates · 3
- Notable·
Update: UBS lowered its price target for Nike from $42 to $34 following the guidance update. Additionally, the company unveiled a restructuring plan designed to save $2.5 billion through job cuts and regional consolidations.
- Notable·
Update: NKE shares extended their decline in pre-market trading on October 1, 2026, as the sell-off spread to European sportswear peers. This continued downward pressure follows the negative sentiment surrounding the company's weak financial guidance for the upcoming fiscal year.
- Notable·
Update: Nike attributed its projected annual sales decline to persisting operational challenges in the Chinese market during the first quarter. These headwinds in China are a primary factor in the company's forecast of a high-single-digit revenue decline.