Nike (NYSE:$NKE) has recently experienced a few hits that have left the company reeling. Competition from its main rival, Adidas (OTCMKTS:$ADDYY), has challenged Nike’s former domination of the athletic shoe market. Adding to Nike’s woes, it also faces challenges from the rise of Amazon (NASDAQ:$AMZN) and the e-commerce market. On top of that, Nike has been left behind as the retail market shifts for retailers like Foot Locker (NYSE:$FL) and Finish Line (NASDAQ:$FINL).

Despite early reports indicating that the retailer would hit $50 billion by 2020, Susquehanna analyst Sam Poser said that scenario seemed unlikely. Poser also downgraded the stock from positive to neutral and dropped the target price 16%, from $64 to $54.

Jefferies analyst Randal Konik also had a grim forecast for Michael Jordan’s favorite shoe brand, slashing the target price by 18.3% from $60 to $49. This drop indicates about an 8.5% downside to the stock. Konik also indicated that Nike was losing market share to Adidas, mentioning the notable market share erosion in the athletic shoe market.

Illustrating his point, Konik pointed out that Nike had only 35 shoes in the top 60 this year, a decrease from 52 last year. Adidas, on the other hand, saw its shoes in the top 60 astronomically rise, from 2 to 24.

Things are not completely bleak for Nike, however. Nike has still fared better than rival company Under Armor (NYSE:$UAA), which is down 40% in 2017 and 55% over the last 12 months, whereas Nike has seen a 5.25% increase and a slight decrease of 3% over the same time periods. Despite this, Nike has failed to see the same highs it experienced in 2015.

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