Nike shares sink to 13-year low as analysts warn selloff may not be over

Nike's stock is set to open at around $31 per share on Friday, marking its lowest level since 2013, as the sportswear giant continues to face pressure from investors.

Despite the sharp decline, analysts covering the stock say it is not yet clear that the selloff has run its course, with several cautioning investors against treating the drop as a buying opportunity.

The decline adds to a difficult stretch for Nike, which has struggled in recent periods against a backdrop of shifting consumer trends and heightened competition within the athletic footwear and apparel market.

Market watchers say the stock's slide to a 13-year low reflects ongoing concerns about the company's near-term growth prospects, even as Nike has sought to address the challenges facing its business.

It remains to be seen how the stock performs in the coming weeks, with analysts continuing to monitor the company's fundamentals before signaling any shift in sentiment toward the shares.