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URLhttps://www.fool.com/investing/2026/03/08/is-nike-stock-going-to-70/
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Meta TitleIs Nike Stock Going to $70? | The Motley Fool
Meta DescriptionA turnaround in international markets is key to Nike's comeback.
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Nike ( NKE 3.14% ) is the leading sportswear brand, with $46 billion in annual revenue. But the company has dealt with weak sales over the past few years. The stock is currently trading near $61, down 22% over the last 12 months and 65% from its all-time high. Last year, the company brought in longtime company veteran Elliott Hill as its new CEO to turn things around. The latest quarterly financial results show progress on the turnaround plan, but management's comments suggest it still has a way to go before investors see meaningful results. Here's what this means for the stock's prospects, and whether investors can see a rebound soon. Image source: Nike. The good and bad The good news for investors is that Nike's home market, North America, is showing momentum. Revenue grew 9% year over year last quarter, reaching $5.6 billion. The running category saw 20% growth for the second straight quarter -- an important signal that Nike's innovation and new styles are resonating with customers. The bad news is that this may not be a quick turnaround. CFO Matt Friend noted on the December earnings call that its "progress will not be linear." Each brand, sport, and geography, he added, is recovering at different speeds. Greater China remains a problem for the brand. Revenue fell 17% over the year-ago quarter. Hill acknowledged that the work they are doing to turn China around is just a start. "It will take time," Hill said. Revenue outside North America was down by more than 5% year over year last quarter. Despite strong growth in its home market, weakness in international markets caused total revenue to rise just 1% year over year. The company's strategy to improve operating profit margins back above 10% will also take time. Nike's marketing, or demand creation expense, has been growing faster than revenue, cutting into earnings. Nike's earnings per share fell 32% year over year in the quarter and 30% through the first half of fiscal 2026. NKE Today's Change (-3.14%) $-1.38 Current Price $42.62 Can the stock hit $70? Even after the sell-off, the stock is still not cheap by traditional standards. It's trading at 39 times this year's earnings estimate. Even if you look ahead to the improvement expected next year, the stock is still trading at a rich forward price-to-earnings multiple of 26. It's going to have to surprise investors with a much better quarter to lift the stock higher in the near term. Nike's recent performance in running shoes, its core product line, shows the brand is still fundamentally strong. But management described the status of its turnaround as in the "middle innings," suggesting it may take another year or longer to see meaningful improvement in sales growth. Given the high forward earnings multiple, I wouldn't buy Nike stock expecting a quick rebound back to $70 or higher anytime soon. I think it's likely the stock could continue to underperform until the company announces a significant rebound in international markets.
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A turnaround in international markets is key to Nike's comeback. By [John Ballard](https://www.fool.com/author/16707/) – Mar 8, 2026 at 2:42PM EST [Follow us](https://profile.google.com/cp/CgkvbS8wNTc4bWs) Share Summarize with AI ## Key Points - Weak sales and earnings have sent the stock on a downward spiral. - Running shoes are performing well, but Nike is seeing mixed results across its business globally. - The stock is not cheap, trading at a high forward price-to-earnings multiple even after a sell-off. **Nike** ([NKE](https://www.fool.com/quote/nyse/nke/) 3\.14%) is the leading sportswear brand, with \$46 billion in annual revenue. But the company has dealt with weak sales over the past few years. The stock is currently trading near \$61, down 22% over the last 12 months and 65% from its all-time high. Last year, the company brought in longtime company veteran Elliott Hill as its new CEO to turn things around. The latest quarterly financial results show progress on the turnaround plan, but management's comments suggest it still has a way to go before investors see meaningful results. Here's what this means for the stock's prospects, and whether investors can see a rebound soon. ![A variety of Nike shoes in different colors.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F857583%2Fnike-shoes.png&w=3840&op=resize) Image source: Nike. ## The good and bad The good news for investors is that Nike's home market, North America, is showing momentum. Revenue grew 9% year over year last quarter, reaching \$5.6 billion. The running category saw 20% growth for the second straight quarter -- an important signal that Nike's innovation and new styles are resonating with customers. The bad news is that this may not be a quick turnaround. CFO Matt Friend noted on the December earnings call that its "progress will not be linear." Each brand, sport, and geography, he added, is recovering at different speeds. Greater China remains a problem for the brand. Revenue fell 17% over the year-ago quarter. Hill acknowledged that the work they are doing to turn China around is just a start. "It will take time," Hill said. Revenue outside North America was down by more than 5% year over year last quarter. Despite strong growth in its home market, weakness in international markets caused total revenue to rise just 1% year over year. The company's strategy to improve operating profit margins back above 10% will also take time. Nike's marketing, or demand creation expense, has been growing faster than revenue, cutting into earnings. Nike's earnings per share fell 32% year over year in the quarter and 30% through the first half of fiscal 2026. Collapse NKE ## [NYSE: NKE](https://www.fool.com/quote/nyse/nke/) Nike Today's Change (-3.14%) \$-1.38 Current Price \$42.62 Unable to reach the data service. Please check your connection. YTD 1w 1m 3m 6m 1y 5y Price VS S\&P ### Key Data Points Market Cap \$63B Day's Range \$42.40 - \$43.96 52wk Range \$42.36 - \$80.17 Volume 146K Avg Vol 19M Gross Margin 40\.57% Dividend Yield 3\.80% ## Can the stock hit \$70? Even after the sell-off, the stock is still not cheap by traditional standards. It's trading at 39 times this year's earnings estimate. Even if you look ahead to the improvement expected next year, the stock is still trading at a rich [forward price-to-earnings](https://www.fool.com/investing/how-to-invest/stocks/how-to-value-stock/) multiple of 26. It's going to have to surprise investors with a much better quarter to lift the stock higher in the near term. Nike's recent performance in running shoes, its core product line, shows the brand is still fundamentally strong. But management described the status of its turnaround as in the "middle innings," suggesting it may take another year or longer to see meaningful improvement in sales growth. Given the high forward earnings multiple, I wouldn't buy [Nike stock](https://www.fool.com/investing/how-to-invest/stocks/how-to-invest-in-nike-stock/) expecting a quick rebound back to \$70 or higher anytime soon. I think it's likely the stock could continue to underperform until the company announces a significant rebound in international markets. ## Read Next Apr 11, 2026 •By [Micah Zimmerman](https://www.fool.com/author/20689/) [Nike Reported Its Q3 Earnings Last Week. Is a Turnaround on the Horizon for the Struggling Retailer?](https://www.fool.com/investing/2026/04/11/nike-reported-its-q3-earnings-last-week-is-a-turn/) Apr 10, 2026 •By [Leo Sun](https://www.fool.com/author/2154/) [From Allbirds to Nike, the Sneaker Segment is Running Into the Ground. Here's What Retail Investors Need to Know.](https://www.fool.com/investing/2026/04/10/from-allbirds-to-nike-the-sneaker-segment-is-runni/) Apr 10, 2026 •By [Stefon Walters](https://www.fool.com/author/20466/) [Is Nike's Business Doomed if It Doesn't Win Back China?](https://www.fool.com/investing/2026/04/10/is-nikes-business-doomed-if-it-doesnt-win-back-chi/) Apr 10, 2026 •By [Travis Hoium](https://www.fool.com/author/1787/) [Nike Stock Is Still Broken](https://www.fool.com/investing/2026/04/10/why-nike-stock-is-still-a-stay-away/) Apr 9, 2026 •By [Geoffrey Seiler](https://www.fool.com/author/20615/) [Should You Buy Nike for the Long Haul? Here's the Honest Answer.](https://www.fool.com/investing/2026/04/09/should-you-buy-nike-for-the-long-haul-heres-the-ho/) Apr 8, 2026 •By [Jeremy Bowman](https://www.fool.com/author/1957/) [6 Best Value Stocks to Buy Now in 2026](https://www.fool.com/investing/stock-market/types-of-stocks/value-stocks/) ### About the Author ![John Ballard](https://g.foolcdn.com/avatar/235124479/large.ashx?_w=3840) John Ballard has been a contributing writer at The Motley Fool since 2016, covering consumer goods and technology stocks. He holds a bachelor’s degree in business administration with a focus in real estate finance from the University of Arkansas at Little Rock. [TMFRazorback](https://www.fool.com/author/16707/) *[John Ballard](https://www.fool.com/author/16707/) has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nike. The Motley Fool has a [disclosure policy](https://www.fool.com/legal/fool-disclosure-policy/).* ### Stocks Mentioned [NK Nike NYSE: NKE\$42.62 (-3.14%)-\$1.38](https://www.fool.com/quote/nyse/nke/) \*Average returns of all recommendations since inception. Cost basis and return based on previous market day close. ## Premium Investing Services Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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Readable Markdown
**Nike** ([NKE](https://www.fool.com/quote/nyse/nke/) 3\.14%) is the leading sportswear brand, with \$46 billion in annual revenue. But the company has dealt with weak sales over the past few years. The stock is currently trading near \$61, down 22% over the last 12 months and 65% from its all-time high. Last year, the company brought in longtime company veteran Elliott Hill as its new CEO to turn things around. The latest quarterly financial results show progress on the turnaround plan, but management's comments suggest it still has a way to go before investors see meaningful results. Here's what this means for the stock's prospects, and whether investors can see a rebound soon. ![A variety of Nike shoes in different colors.](https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F857583%2Fnike-shoes.png&w=3840&op=resize) Image source: Nike. ## The good and bad The good news for investors is that Nike's home market, North America, is showing momentum. Revenue grew 9% year over year last quarter, reaching \$5.6 billion. The running category saw 20% growth for the second straight quarter -- an important signal that Nike's innovation and new styles are resonating with customers. The bad news is that this may not be a quick turnaround. CFO Matt Friend noted on the December earnings call that its "progress will not be linear." Each brand, sport, and geography, he added, is recovering at different speeds. Greater China remains a problem for the brand. Revenue fell 17% over the year-ago quarter. Hill acknowledged that the work they are doing to turn China around is just a start. "It will take time," Hill said. Revenue outside North America was down by more than 5% year over year last quarter. Despite strong growth in its home market, weakness in international markets caused total revenue to rise just 1% year over year. The company's strategy to improve operating profit margins back above 10% will also take time. Nike's marketing, or demand creation expense, has been growing faster than revenue, cutting into earnings. Nike's earnings per share fell 32% year over year in the quarter and 30% through the first half of fiscal 2026. NKE Today's Change (-3.14%) \$-1.38 Current Price \$42.62 ## Can the stock hit \$70? Even after the sell-off, the stock is still not cheap by traditional standards. It's trading at 39 times this year's earnings estimate. Even if you look ahead to the improvement expected next year, the stock is still trading at a rich [forward price-to-earnings](https://www.fool.com/investing/how-to-invest/stocks/how-to-value-stock/) multiple of 26. It's going to have to surprise investors with a much better quarter to lift the stock higher in the near term. Nike's recent performance in running shoes, its core product line, shows the brand is still fundamentally strong. But management described the status of its turnaround as in the "middle innings," suggesting it may take another year or longer to see meaningful improvement in sales growth. Given the high forward earnings multiple, I wouldn't buy [Nike stock](https://www.fool.com/investing/how-to-invest/stocks/how-to-invest-in-nike-stock/) expecting a quick rebound back to \$70 or higher anytime soon. I think it's likely the stock could continue to underperform until the company announces a significant rebound in international markets.
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AuthorJohn Ballard
Publish Time2026-03-08 18:42:00 (1 month ago)
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