** Nike NKE.N on Thursday forecast a steeper drop in fourth-quarter revenue than analysts had expected, striking a cautious tone as it works to rekindle interest among consumers who have defected to trendier rivals.

** Earlier on Thursday, Nike reported third-quarter results that beat expectations.

** Shares down 5.7% at $67.83 premarket.

** At least seven brokerages cut PT.

LONG WAY TO GO

** RBC Capital Markets ("sector-perform," PT: $66) says earnings beat was timing-related that would unwind in the next quarter as per company guidance

** Piper Sandler ("overweight," PT: $90) likes the co's actions with the turnaround; says the more pain NKE takes now, the more gain there will be in FY26 and beyond

** Oppenheimer ("outperform") says that while NKE results continue to be weak, brokerage believes underlying trends at the company are starting to improve and it may be set for a rebound in coming quarters

** Barclays ("equal weight," PT: $70) says NKE is emerging from deep hole from prior management due to excess inventory, lack of innovation, and brand equity, and expects it will take multiple seasons to correct

** BMO Capital Markets ("outperform," PT: $92) says management suggested the turnaround will take more time and believes NKE is working to return to what made it special

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))