A man wearing a face mask walks past a Nike store in the Central Business District, Beijing, China on Feb.17, 2020.
Andrea Verdelli | Getty Images
Investors should be wary of Nike as the clothing giant in China faces a potential slowdown and a large number of other short-term headwinds, Citi said in a statement on Tuesday.
Nike is one of several clothing companies in China that has had a backlash over statements about working conditions in Xinjiang, a region of southwest China where Uighur Muslims are a prominent minority. This has put pressure on the stock, which traded at nearly $ 145 per share in mid-March and closed at $ 132.57 per share on Monday.