In North America, a wave of U.S. store closures leaves a headwind running through the first half of fiscal 2028. The firm lowered its fiscal 2027 EPS estimate to $1.55, roughly 10% below consensus, and its fiscal 2028 estimate to $1.72, about 20% below the Street, framing fiscal 2028 as a "stabilization" year rather than one of growth. JPMorgan set a December 2027 price target of $40, down from $47, based on about 21 times its calendar 2028 EPS estimate. It expects Nike to outline a three-year plan targeting double-digit operating margins by fiscal 2030 at its November investor day. Related articlesJPMorgan cuts Nike to Underweight, sees EPS well below consensusSocGen sees S&P 500 hitting 8,000 as earnings strength broadensAnthropic secures compute power in multi-billion dollar Norway data center deal