Nike’s stock is one of the worst in the S&P 500 — and BofA says it’s not done sliding

Bank of America analysts have revised their outlook for Nike, indicating they now expect sales to decline through May. This pushes back earlier expectations of a "spring inflection" — a hoped-for turning point when the retailer's revenue trends would stabilize and begin to recover. Nike's stock has already ranked among the weakest performers in the S&P 500, and the updated forecast suggests the pressure may not ease in the near term.

For investors, the revision matters because it shifts the timeline for any potential recovery. When analysts abandon a near-term rebound thesis, it can prompt earnings estimate cuts and renewed scrutiny of the company's turnaround efforts, from product innovation to inventory management. Nike's challenges also carry read-through for the broader consumer discretionary sector, given its size and brand prominence.

What to watch: Nike's upcoming earnings reports and any commentary on demand trends in key markets, particularly North America and China. Updates from management on cost controls and promotional activity will also be relevant. For now, the analyst view points to a longer road back rather than a quick bounce.