Once an iconic brand, Nike (NKE +0.68%) is in the midst of a turnaround that, while showing some signs of progress, is taking longer than expected. The company is seeing improving wholesale revenue, but slumping sales across its Greater China segment and its Converse brand are still concerns.

While some analyst price targets look favorable, one bearish view, which prices the stock at $23, suggests further downside could be ahead.

Image source: The Motley Fool.

The bear case for Nike

Analysts are generally cautious about what’s in store for Nike over the next year. Of the 41 who cover the stock, 32% rate it a buy, 61% a hold, and 7% a sell, according to CNN. And the lowest price target for that group over the next year is $23 per…