Citigroup became the latest firm to downgrade the athletic shoe company. It also upgraded Deckers Outdoor, the maker of Hoka.

Nike (NYSE: NKE) stock slid 2.5% through 10:25 a.m. ET Friday after CNBC (and others) reported Citigroup is downgrading the stock to neutral. Citi is just back from a meeting with new Nike CEO Elliott Hill,

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.