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Citi downgrades Nike, says China backlash could hurt stock in near term

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A man wearing a face mask walks past a Nike store in Central Business District, Beijing, China on February 17, 2020.

Andrea Verdelli | Getty Images

Investors should be cautious with Nike as the apparel giant faces a potential slowdown in China and a large number of other short-term headwinds, Citi said in a note on Tuesday.

Nike is one of several apparel companies facing a backlash in China regarding statements about labor conditions in Xinjiang, a region in southwest China where Uighur Muslims are a prominent minority group. That has put pressure on the stock, which was trading at nearly $145 per share in mid-March and closed at $132.57 per share on Monday.

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