Nike shares are still not cheap after 30% drawdown this year, says Piper Sandler

Piper Sandler said Nike could struggle with sales as the athleisure market becomes more crowded and demand for sports-focused loungewear has likely passed its peak. The note points to softer category momentum and increased competition, creating a modest headwind for Nike's near-term growth outlook. The article is commentary rather than a new financial result, so the likely market impact is limited.

Analysis

Piper Sandler said Nike could struggle with sales as the athleisure market becomes more crowded and demand for sports-focused loungewear has likely passed its peak. The note points to softer category momentum and increased competition, creating a modest headwind for Nike's near-term growth outlook. The article is commentary rather than a new financial result, so the likely market impact is limited.