NEW YORK (TheStreet) -- Shares of Nike (NKE) - Get Report  were slipping in pre-market trading on Monday as the athletic footwear and apparel retailer's Chuck Taylor sneaker reissue has slumped since its initial release last July. 

Nike issued its first major overhaul of the classic Chuck Taylor sneaker in 2015, offering it at a higher price with more padded soles, according to Bloomberg. The Chuck II is priced at as much as $110, while the original sells for around $50. 

But demand came in below expectations, with Converse sales falling 1.4% to $1.96 billion after averaging 15% growth since 2012. 

Nike said in April that Davide Grasso, the Beaverton, OR-based company's former CFO, would replace Jim Calhoun as executive officer of Converse. 

The company acquired the Chuck Taylor brand in 2003, boosting its value from annual sales of approximately $200 million to about $2 billion, Bloomberg noted. 

Nike will report fiscal 2017 first-quarter results after Tuesday's market close. 

Additionally, JPMorgan reduced Nike's price target to $62 from $67, citing softer North America trends. 

The firm also removed the stock from its Analyst Focus List. 

JPMorgan said Nike's Signature basketball segment has been under pressure by competition, while its casual/lifestyle unit is being driven down by excess Converse inventory. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

TheStreet Ratings team rates Nike as a Buy with a ratings score of B+. This is driven by some important positives, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: NKE

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