** Nike NKE.N signaled on Tuesday that CEO Elliott Hill's turnaround strategy continues to face hurdles, as ongoing weakness in China and a cautious outlook overshadowed a modest fourth-quarter revenue beat

** Shares down 3.8% at $39.60 premarket

HOCKEY-STICK REBOUND HARD TO JUSTIFY

** Jefferies ("buy," PT: $90) says strong momentum in North America and a pickup in wholesale sales suggest Elliott Hill's strategy is starting to work, but ongoing weakness in China and direct sales remains a concern
** "We are aware it will take time but believe bottom is in," Jefferies says

** Piper Sandler ("neutral," PT: $45) says Jordan and sportswear (half of NKE sales) are expected to still be negative in FY27, while soft spring demand and likely fading June momentum post-World Cup make a "hockey stick" recovery difficult to justify

** BTIG ("buy," PT: $55) says "while the environment remains volatile and the topline recovery is taking longer to inflect positively, we remain confident in the actions underway to improve EBIT margins and increase cash flow from operations"

** Morningstar (fair value: $97) says progress in the turnaround is being masked by near-term challenges, but should become clearer in 2027 as products' launch and margins improve