Several analysts lowered their price targets for Nike's (NKE) stock Friday, concerned its turnaround could take longer than expected after the athletic apparel giant offered a sluggish outlook.

In Nike's earnings call Thursday, new CEO Elliott Hill outlined several initiatives to return Nike to growth, from reducing promotional events to clearing old inventory and investing in the company's new product portfolio, but warned the moves could take time and weigh on results in the short term.

Morgan Stanley analysts said Nike's weaker-than-expected outlook for the current quarter suggested its trajectory could "get worse before it can get better," with fiscal 2026 likely to be a "reset year." They trimmed their price target for Nike's stock to $74 from $80, implying a decline from Friday's closing price of $76.94.

Bank of America analysts also lowered their price target Friday, to $90 from $95, citing concerns about the weaker-than-expected forecast, though they said they believe Hill is taking the right strategy.

Of the 20 analysts covering the stock tracked by Visible Alpha, nine have a "buy" or equivalent rating, while nine give it a "hold," and two have "sell" ratings. Their average price target of $83, down from $87 before Thursday's report, would suggest a drop from recent prices.

Nike shares were little changed to close out Friday's session after recovering from earlier declines. They've lost close to 30% of their value since the start of the year.