Wall Street’s $76 Target on Nike Looks Absurd — Until You Look at the Numbers

The most persistent structural wound is Nike Direct. Digital revenue fell 14% year-over-year in Q2 FY2026, continuing steep declines that began well before the current turnaround. Revenue in Greater China fell 17% in Q2 FY2026 after a brief improvement in the previous quarter. Converse sales are in freefall, down 30% year-over-year in Q2 FY2026. Quarterly earnings declined 32.1% year-over-year, which explains much of the market's skepticism. The stock is down 17.3% year-to-date and 61.6% over five years.Hav ...