Citi no longer has confidence in Nike's ability to deliver a turnaround. Its analyst says he wasn't reassured after a meeting with new CEO.

Citi has downgraded Nike Inc.’s stock to neutral from buy, citing the challenges facing the sneaker maker as it attempts to get back on track.

NKE is pacing for its third-straight loss, as well as its worst weekly performance since June. The security carries a 32.8% year-over-year deficit, and earlier gapped to a four-year low of $69.41, breaching a floor at the $70 region that contained its January pullback amid long-term pressure form its 100-day moving average.