Nike Price Forecast: Can NKE Recover After Becoming the Dow’s Worst Stock?

Nike stock has fallen into one of its deepest downturns in years, with NKE dropping roughly 40% in 2026 and becoming the worst-performing stock in the Dow Jones Industrial Average. Shares closed Friday at $38.40, leaving the sportswear giant with a market capitalization of just $56.97 billion, down sharply from roughly $264 billion at the end of 2021.

The selloff has created an unusual setup for the Nike price prediction. Wall Street's average 12-month target stands near $50.46, implying approximately 31% upside despite an overall Neutral consensus.

At the same time, JPMorgan and Truist have recently lowered their expectations, Nike is preparing to leave the S&P 100, and weakness in China and direct-to-consumer sales continues to complicate CEO Elliott Hill's turnaround.

Nike Stock Is Cheap, but Wall Street Remains Cautious

Nike's 40% decline has dramatically changed its valuation. The stock now trades at roughly 18 times trailing earnings, compared with approximately 31 times in fiscal 2022. Its price-to-sales multiple has contracted even more sharply, falling from around 4.0 to approximately 1.2.

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