With what could almost be considered a cult-like following, Nike has long been a champion in the sportswear market.
The Oregon-based company has a roster of high-profile celebrity endorsements from athletes such as Lebron James and Cristiano Ronaldo, and the company was the official outfitter of Team USA at last month's Olympic Games.
And yet, the stock has been under pressure this year.
Shares of Nike are down 11% year-to-date, and the company missed analysts' revenue expectations when it reported quarterly earnings in June.
The stock's trend lower has not been lost on the street.
Today Canaccord Genuity's Camilo Lyon -- who has a hold rating on Nike -- lowered his price target on the stock to $52. It had previously been $52.
Lyon's chief concerns are slowing futures orders and increasing competition from brands like Under Armour and Adidas. He joined the "Halftime Report" to discuss why he's staying on the sidelines for now.