Bernstein estimates the wholesale online channel, which it pegs at a high-teens percentage of Nike's China business, represents a roughly $1 billion revenue hit as it is wound to zero over the coming quarters. The broker models a low-teens constant-currency decline for China in fiscal 2027, which translates to a 2-percentage-point drag on total company growth. Nike and its two largest China wholesale partners, Topsports and Pou Sheng, confirmed last week that partner-operated online storefronts will cease selling Nike product beginning January 2027. Nike has lost market share in China every year since 2020, when it and other international brands collectively held 57% of the market. Bernstein cut its Nike price target to $68 from $72, derived from a 27 times multiple on its revised fiscal 2028 earnings-per-share estimate of $2.50, itself reduced from a prior $2.67.