Nike falls near 12-year low as investors grow weary of turnaround pace
NKE•Nike shares fall toward a 12-year low
** Shares of sportswear giant Nike (NKE.N) fell as much as 3.81% to $39.18.
** The stock was set for its lowest level since August 2014 if losses held.
** As of the last close, the stock was down about 40% year to date.
Recent guidance and analyst sentiment
** In June, Nike posted a cautious outlook even though it beat fourth-quarter revenue estimates.
** Of 42 brokerages covering the stock, 15 rate it "buy" or higher, 24 rate it "hold" and 3 rate it "sell" or lower, with a median price target of $47, according to data compiled by LSEG.
Analyst says investors are growing impatient with the turnaround
** "Nike is nearing an inflection point and can see a sharp rebound in earnings in the coming quarters and new products continue to enter the pipeline," said Zachary Warring, an analyst with CFRA Research.
** Warring added that investors are weary of how long the turnaround is taking, and that it is showing up in the share price.
