Is Nike Stock Going to $70?

By John Ballard – Mar 8, 2026 at 2:42PM ESTKey PointsWeak 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 1.74%) 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. ExpandNYSE: NKENikeToday's Change(-1.74%) $-1.01Current Price$57.01Key Data PointsMarket Cap$84BDay's Range$56.76 - $57.5552wk Range$52.28 - $80.19Volume16MAvg Vol19MGross Margin40.72%Dividend Yield2.84% 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.Read NextMar 7, 2026 •By Daniel SparksHere's My Top 2 Dividend Stocks to Buy in MarchMar 3, 2026 •By Lawrence NgaNike's Most Important Question in 2026 Isn't Revenue. It's Margin.Mar 3, 2026 •By Leo SunWhere Will Nike (NKE) Stock Be in 3 Years?Mar 3, 2026 •By Lawrence NgaHas Nike Lost Its Edge in Performance Running?Mar 2, 2026 •By Neil PatelWhere Will Nike Be in 3 Years?Feb 28, 2026 •By Lawrence NgaThe Hard Part of Nike's Turnaround Is Just BeginningAbout the AuthorJohn 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.TMFRazorbackStocks MentionedNikeNYSE: NKE$57.01(-1.74%)-$1.01*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.