Nike (Nike) is under a major restructuring, with investors starting to question its progress. The brand still has global scale, strong partnerships, and a clear strategy, but lacks proof that these efforts are translating into real demand and sustainable profits. S&P Global revised its outlook on Nike to negative due to pressure on profitability during the turnaround. HSBC downgraded the stock from buy to hold and slashed its price target from $90 to $48, while other firms including UBS, Stifel, and Truist also lowered their targets. Nike stock currently trades at around $46 per share, which indicates the firm no longer sees meaningful upside. The company's Q3 revenue was flat but down 3% in constant currency, with Greater China declining roughly 20%. The clearest operational positive in Q3 was wholesale, with revenue rising 5% to $6.5 billion and NIKE Direct falling 4% to-$4.5bn. However, the company's gross margin fell to 40.2%, down 1.3% from a year earlier, and even modest operating pressure is hitting the bottom line hard.