10:04 AM EDT, 06/07/2024 (MT Newswires) -- Nike ( NKE ) is unlikely to regain traction in fiscal Q4 as no "major fireworks" are expected when it reports quarterly results on June 27, Wedbush said in a note Friday.

"Essentially, the company already gave some nuggets of guidance for FY25, and we wouldn't expect them to change that outlook meaningfully," analysts Tom Nikic and Matt Quigley wrote.

The company's stock may be in a "holding pattern" until Nike ( NKE ) unveils new products in its pipeline, the note added.

Nike ( NKE ) is planning to hold an investor day in the fall this year after seven years and the last time they held it, their peers were performing "extremely well", and the company was facing challenges from over-distribution of legacy styles, the note said.

The analysts expect Nike ( NKE ) to tell a "compelling" story this fall that will support its shares regaining momentum.

Also, Adidas rolling out different Yeezy styles on their application will be a short-term negative for Nike ( NKE ), but a long-term positive, Wedbush said.

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