** Shares of sportswear maker Nike NKE.N fall nearly 1% to $43.69 in premarket trade

** Piper Sandler downgrades stock to "neutral" from "overweight", cuts PT to $50 from $60

** Says "while we expect momentum in performance across the industry to continue, NKE is a quarter away from lapping big gains in running"

** Brokerage says athleisure (aka sportswear for NKE) is becoming too saturated across the industry, with frequency metrics at peakish levels

** "Albeit company doesn't appear to have sufficient innovation to fill that volume void--across Hill's new leadership appointments, vast majority have been with NKE for ~20 years, and we question if fresh blood is needed"- Piper Sandler

** 40 analysts rate the stock "buy" on average; median PT is $57.5 - data compiled by LSEG

** As of last close, NKE is down ~31% YTD