Shares of Nike (NKE) - Get Report were down by 1.11% to $58.10 on Tuesday afternoon, as the sports apparel retailer is set to release its 2017 third quarter earnings results after the market close today.
Last year Nike was the worst performing stock in the Dow Jones Industrial Average due to concerns that the company was losing market share to competitors like Under Armour (UA) - Get Report and Adidas (ADDYY)
Canaccord Genuity remains neutral on the stock and sees no evidence of Nike regaining its lost market share.
"NKE's stock is up 13% YTD on expectations that it will regain its footing and re-accelerate its revenue growth; however, we believe it will not be until spring '18 at earliest when we see a material improvement in its assortment that can compete with Adidas' strong offering," the firm said in a note, according to Barron's.
"Our thesis is predicated on the following: share gains by Adidas and others such as Puma have not slowed, discussions with industry contacts indicate that NKE's product pipeline remains devoid of significant innovation, Jordan product appears to be more available in the market, likely signaling NKE's attempt to stem its share losses, and supplier signals have not improved as key NKE partners continue to experience sales declines," the note continued.