Investing.com -- Nike (NYSE: NKE) shares were downgraded to Neutral by analysts at both JPMorgan and Bank of America on Wednesday after the sportswear giant's latest results pointed to a longer-than-expected road back to growth, with price targets also slashed.

JPMorgan analyst Matthew Boss cut his rating from Overweight to Neutral and slashed his December 2026 price target to $52 from $86, citing a deteriorating earnings outlook.

Boss lowered his fiscal 2027 EPS estimate to $1.63, which is 28% below consensus, and pushed back his timeline for Nike to reach a 10% operating margin to fiscal 2029 from fiscal 2028.

"Our timeline for NKE to return to a 10% operating margin now extends to FY29," Boss wrote, projecting EPS power of roughly $2.70 at that margin profile.

Bank of America's Lorraine Hutchinson also moved to Neutral, cutting her price target on Nike shares to $55 from $73 and trimming her fiscal 2027 and 2028 EPS estimates to $1.60 and $2.00, respectively.

Hutchinson had anticipated a return to growth in the first quarter of fiscal 2027, but management's guidance now points to negative sales through the third quarter of that year.

"With the sales inflection now nine months away, we see little room for multiple expansion," she wrote.

Both analysts also flagged ongoing weakness in Greater China and softness in Sportswear as key concerns.

Nike shares are down around 10.5% premarket at $47.29 apiece.