09:07 AM EDT, 06/10/2026 (MT Newswires) -- Nike ( NKE ) has limited near-term catalysts amid slower-than-expected progress on its turnaround plans under Chief Executive Elliott Hill, RBC Capital Markets said in a client note Wednesday.

The company is unlikely to see a sustained shift in revenue trends for the rest of 2026 despite the upcoming FIFA World Cup, amid ongoing "clean-up" activities and a lack of new growth engines, the brokerage said.

RBC said Nike ( NKE ) is making visible operational progress, including organizational changes, a wholesale rebuild, sports-aligned operating units, and improvements in its running segment. However, this progress is "slower and narrower" than the brokerage's expectations, the note said.

"Execution speed is not as quick as we would like on product and inventory clearance, with the remainder of (calendar year) 2026 unlikely to deliver positive revenue growth," RBC analyst Piral Dadhania wrote. "Sufficient breadth on product progress remains the challenge, in our view."

Nike ( NKE ) shares have decreased 50% since Hill took over as CEO, while earnings per share are down about 40%, Dadhania said.

Hill assumed the top role at the athletic apparel giant in October 2024.

RBC downgraded Nike's ( NKE ) stock to Sector Perform from Outperform, lowering the price target to $50 from $70.

For the fiscal fourth quarter, RBC forecasts earnings per share of $0.11 and about $10.8 billion in revenue. Analysts polled by FactSet expect earnings of $0.12 per share on sales of $10.58 billion.

Nike ( NKE ) is expected to release its fiscal fourth-quarter results on June 30.

"A top-line beat driven by North America wholesale strength and World Cup sell-in is feasible," RBC said. "However, we would also like to see (direct-to-consumer) improvement which is not as likely in our view."