Nike slides on weak full-year yerevenue forecast, Q1 sales miss

** Sportswear giant Nike's NKE.N shares fall 8.5% to $32.15 in premarket trading

** Co forecast a steep drop in full-year revenue and posted Q1 sales below Wall Street estimates as sales slump in China

** Also announced plans to cut jobs, with no details on the number of roles that will be cut

** "Things are going to get worse before they get better," said analysts at RBC Capital Markets in a note

** Nike expects fiscal 2027 revenue to decline in the high-single digits vs Street expectations of 2% decline, per LSEG data

** Co's restructuring plan aims to deliver ~$2.5 bln in savings through fiscal 2031, with job cuts to begin in 2027

** At least five brokerages have reduced PT on co following quarterly results

** 12 of 44 brokerages rate the stock "buy" or higher, 26 "hold" and 6 "sell"; median PT $43 - data compiled by LSEG

** As of last close, NKE stock down nearly 45% YTD