Shares of Nike (NKE) - Get Report are hitting new 52-week lows on Monday, down almost 3% after analysts at Bank of America/Merrill Lynch downgraded the stock to underperform from neutral and assigned a $46 price target. 

This downgrade is "stunning," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. This "great American growth company" has been struggling since topping out around $68, now trading near $50. 

Under Armour (UA) - Get Report has been struggling, too, Cramer pointed out. Under Armour recently told investors it would be spending more money to fuel its growth. The resurgence of Adidas has taken investors by surprise and is weighing on Nike and Under Armour. 

While Nike and Under Armour boast two incredible CEOs, Cramer prefers Foot Locker (FL) - Get Report  , which he said wins from all three companies offering such competitive products. 

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"Nike's not right here, it's expensive and I don't want to buy it," Cramer asserted. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.