May. 14 at 7:58 PM
$NKE is sitting in a zone most people would’ve laughed at a few years ago… ~76% off highs and levels not really seen since 2015.
But this isn’t a “cheap = buy” story.
Last quarter wasn’t pretty: flat top line, FX-adjusted revenue -3%, Nike Direct -4%, Digital -9%, gross margin down to 40.2%, and Converse getting hit hard (-35%). That’s real operational pressure, not just sentiment.
So yeah, the market has a case here.
But zoom out… the brand is still global dominance, balance sheet is solid, scale is unmatched, and expectations are basically flushed out.
At these levels, it shifts from “easy conviction buy” to “show me the turnaround.”
Follow me 👉@ChipDistribution7 for real-time updates and everything. Let’s make moves!
