After Nike (NKE) 澳洲幸运5🌌官方开奖结果体彩网:reporಞted disappointing fourth-quarter sales and guidance for fiscal 2025, the athletic apparel giant is looking ahead to the 🌠Olympic Games, which kick off next month, as an event that could help🍒 boost sales.

Nike warned it expects revenue to drop 10% year-over-year in the current quarter as the company shifts to a model focused on newer products, and amid expected sales weakness in the Greater China region and online sales.

Shares of Nike tumbled over 20% to $74.77 in intraday trading Friday following the news. Shares of other athletic apparel and footwear companies lost ground as well, including Skechers (SKX), Lululemon (LULU), Under Armour (UA), and Foot Locker (FL).

Analysts Lower Price Targets for Nike Stock

Wedbush, Jefferies, and Bank of America analysts all dropped their price targets for Nike following Thursday's earnings report. Wedbush analysts lowered their price objective to $97 from $115, while Jefferies analysts changed theirs to $90 from $100. Bank of America analysts had the highest target at $104, down from $113 previously.

"We doubt many investors will view this as a 'buy the pullback' event, and we think NKE shares are headed for a stay in the proverbial penalty box until new product innovations actually start to manifest themselves and management regains investor trust," Wedbush analysts wrote.

Nike said it lowered its outlook for the first half of fiscal 2025 in part due to plans to reduce inventories of some "classic" franchises like Air Force 1 and Jordan, as growth of those lines has slowed.

Nike said it is also "pulling forward" new product "innovations," which retail partners have 澳洲幸运5官方开奖结果体彩网:voiced excitement over, but those new products could take time to make an impact on Ni🔯ke's earnings, Wedbush analysts noted.

Wedbush maintained its "outperform" rating for Nike stock, while Bank of America reiterated "buy," suggesting confidence in the long-term prospects for Nike, while Jefferies kept its "hold" rating.

Olympics, Basketball Growth Coul🍒d Help Bo🐼ost Sales

Nike is looking forward to the Summer Olympics in Paris that start next month and will run through Auꦦgust, and has said it plans🏅 to spend more on marketing during the marquee event to boost business.

Growth in the basketball sector, long a key source of sales for Nike, helped offset some of the declines in other areas like lifestyle, company leadership said Thursday. Nike said sales should continue to rise in the category thanks to the influx of new fans of women's basketball, with popular shoes from WNBA stars like Sabrina Ionescu expected to continue growing, along with planned launches of signature shoes from Caitlin Clark and A'ja Wilson.