1056 ET - BofA Securities is taking a more pessimistic view on Nike as they see the brand's turnaround taking longer amid a host of growing risks. Challenges in Nike's classics business continue to overshadow the company's innovation, while pressures in the wider category and economy build, the analysts say. And while Nike is seeing strength with its North America wholesale partners, consumers aren't buying its products from those retailers at the same clip due to declines in classic styles and new launches that are missing expectations, the analysts say. "This puts forward order books at risk as retailers become less willing to make a bet on newness until success is proven," they say. BofA downgrades Nike to underperform from neutral and cuts the price target to $30 from $47. Nike is off 0.6% to $35.77.