Sneaker and apparel giant Nike (NKE), has severely underperformed in the market over the past year. The company's shares have declined by 17%, in contrast to the S&P 500's (^GSPC) 28% gain. Nike has also lagged behind its competitors, including On Holding (ONON) (+55%), Skechers (SKX) (+44%), and Decker's Outdoor (DECK) (+87%).

Stifel analyst Jim Duffy suggests that Nike's challenges may continue, particularly due to market share loss to brands like New Balance and Asics (ASCCY) during the back-to-school shopping season. As a result, Duffy has lowered his price target for Nike to $79, indicating that profit forecasts may be overly optimistic given the declining relevance of the Jordan brand and shifts in consumer preferences.

Yahoo Finance Executive Editor Brian Sozzi examines Nike's lackluster stock performance.