J.P. Morgan downgraded Nike, Inc. from “Neutral” to “Underweight.” He highlighted top-line pressures from the brand’s China reset, recent North American store closures and heightened competition from challenger brands. Nike wrote in the report, “Our reportable operating segments are at different stages of progress, and we expect to complete these actions by the end of December 2026. That’s around 20 percent of Nike’s fiscal 2026 Greater China revenue, according to the firm. Boss wrote, “To this point, we see forward revenue headwinds to N. America until the store closures are fully annualized (i.e.