New Balance, Asics and Lululemon ought to be on their toes, according to M𝔉organ Stꦅanley analysts eying the possibility of Nike returning to happier days.

Nike (NKE) is unlikely to 澳洲幸运5官方开奖结果体彩网:pull off a turnaround until 2026, Morgan Stanley said in a note published ahead of Nike's scheduled earnin🌜🤪gs release Thursday afternoon. (The results will be its second under a new CEO.) But its recovery could pose problems for New Balance, Asics and Lululemon (LULU) because they “enjoyed disproportionate gains 🍎from [Nike’s] mis-steps” over the past five years, the analysts said.

New Balance is most at risk because it has gained market share and momentum in online search as Nike 𝓀stumbled in recent years, the analysts said. Still, New Balance may not compete as directly with Nike since it foc🐈uses more on lifestyle footwear than athletic shoes, they added.

Asics has had revenue growth in recent years and sells comparable products, the analysts said. (Asics, which trades over-the-counter 澳洲幸运5官方开奖结果体彩网:in the US, has its 🍌primary listing in Japan. New Balance isn't publicly traded.)

“The brand’s similar focus areas to [Nike]ꦑ—with both looking to expand wholesale & specialty running category share—poses a risk, particularly if [Nike] successfully launches high-end prodꦛuct,” Morgan Stanley said.

Lululemon’s recent market share and revenue gains also make it vulnerable, according to Morgan Stanley. Nike is launching an apparel line with reality TV star Kim Karda🐼shian and attempting to draw i꧂n women who may 🔥buy Lululemon, the analysts said.