Nike’s latest guidance cut, its second in about six months, is severely straining management’s credibility, and the potential for changes within the C-suite are only adding more uncertainty to the outlook, Stifel analysts say in a research note. The company is now forecasting a mid-single-digit decline in sales for the fiscal year that started about a month ago, effectively pushing prospects for a growth inflection deeper into 2025 and asking investors to underwrite the success of still-unproven styles amid a risky discretionary spending backdrop through the rest of the year, the analysts say. They’re giving Nike a cut of their own, downgrading the stock to a hold rating. Shares open 18% lower at $77.13.