Evercore ISI analyst Michael Binetti has maintained their bullish stance on NKE stock, giving a Buy rating yesterday.
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Michael Binetti has given his Buy rating due to a combination of factors that suggest a potential turnaround for Nike. Despite a cautious initial outlook for FY26, Binetti believes that the worst may be behind the company, with F4Q25 likely representing the lowest point for revenue and gross margin declines. The emphasis is placed on the shape of FY26 rather than the absolute EPS level, as the market’s response to tariff-driven price increases will be crucial.
Moreover, Binetti identifies three key catalysts that could drive improvement after F4Q25, making the bearish outlook less convincing. These include the easing of comparisons as Nike clears out older products, positive order growth from US and European retailers by Spring ’26, and the reversal of significant accounting charges that burdened FY25. These factors support the potential for a rate-of-change improvement, justifying the Buy rating despite current challenges.
In another report released yesterday, Williams Trading also maintained a Buy rating on the stock with a $73.00 price target.