Nike (NKE) stock experienced a significant downturn in pre-market trading on Thursday, plummeting 5.06% following a bearish analyst note. The sportswear giant's shares came under pressure after Stifel, a prominent financial services firm, cut its price target on Nike stock from $75 to $64.

The reduction in the price target reflects growing concerns about Nike's near-term prospects. While Stifel maintained its "Hold" rating on the stock, the substantial cut in the price target suggests that the firm sees potential headwinds for Nike in the coming months. This adjustment has evidently spooked investors, leading to the sharp pre-market sell-off.

Despite the current downturn, it's worth noting that Nike still maintains an average "overweight" rating among analysts polled by FactSet, with a mean price target of $78.08. However, today's price target cut by Stifel could potentially influence other analysts to reassess their outlook on the stock. Investors will be closely watching for any further analyst revisions and Nike's upcoming financial results to gauge the company's performance amidst changing market conditions.