NB
NioCorp Developments Ltd. Common Stock
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It is not the correct everyday analysis in the US. I spend a lot of time in cities, suburbs around the US and I dont see nike much anymore, though I wear it because they're so discounted and it is a US brand. I can find jordans on sale now! 5 years ago you would never have seen it. Everyone is going NB, asics, on, hoka. I have seen this trend in streetwear, training, workplace. 
Maybe it will rotate but nike is a dying brand. I wear it only because it is cheap and comfortable enough for the price point but they're going to keep bleeding market share and nothing is going to change that. The masses have spoken. 

I've noticed a decent number of Li-Ning shoes at my volleyball meets – not just Asians wearing them either. The hypercapitalist mindset in the US (enshittification) has made room for brand that are still holding standards. Even companies like NB are producing decent quality products and aren't bound to shareholders in the same way Nike is.

NB has a positive story, being one of just a few US based shoe manufacturers. What's Nikes story? Xi ...is this you?!?

The core point is right, catching falling knives is how retail gets wrecked, but 'wait until it makes a new ATH' is just survivorship bias dressed up as wisdom. Netflix and Meta worked because they had monopoly-ish moats and reaccelerated, Target is the counterexample you already named. Nike's topline is still shrinking and the competition from ON and NB is real, so the market isn't 'wrong', it's pricing in a turnaround that hasn't shown up in the numbers yet.

Nike facing stiff competition from brands like ON, NB, UA etc and will have to do something radically different to come back into the competition.

NB has been a level C brand for decades. I don’t see that changing.

It isn’t a brand people want anymore.
I was a loyal customer for a long time, now I wear adidas apparel and I’m old so I wear big chunky soft tennis shoes..like Hoka or NB Fresh Foam. I haven’t bought a Nike product in forever.

A fellow NB investor? No way

Yeah NGL some of the new models on NB are decent. Sketchers LMAO 🤌

Nike hired a tech clown as CEO, a guy who firmly didn't understand retail economics. He thought he was the smartest guy in the room, shit ALL OVER thier distro partners like Dicks and Foot Locker, and went DTC.
It was great in the short term, but what happened is they lost their hegemony at retail. When you piss in the face of your distribution network, they will replace you with your competitors.
So all these shoe stores let in more New Balance, more Adidas, More Ascics, and then also smaller upstarts like ON and Hoka and Brooks.
Everyone is now eating their lunch and you can't put that genie back in the bottle. Their whole distro model is fucked and all their competition is getting stronger.
Not to mention they have lost their cool clout. Like they don't work with fashionable cool designers or streetwear people anymore. I feel like I see all the announcements about interesting young artists happening with Ascics and NB and stuff. All they have is Travis Scott and even he's lost some shine.
They need to get back to basics, grassroots shit. Make cool stuff, partner with cool people, get some brand perception recovery in place. It's not impossible but it's gonna take a few years.
But they will never be what they once were, at best they can stop the bleeding and get back a chunk of what they have lost. But they fucked up and let the field widen.

I got kids they only want Nikes. All there little buddies- all want Nikes. I’m a NB and Sambas guy but the kids all need 2 pair of Nikes a size.

NKE was once a discount shoes and the only competition was ADDYY. Not anymore and esp China is mostly done with NKE. Once NKE manufacture there bought 25% stake in PUMA which doing excellent. Both my daughters and friends(both genders) bought PUMA this year...first time ever. For the last few years they have been buying NB,Adidas, Hoka . They were once crazy for Vans(the time it took off)..their entire friends group had multiple colors in it when they were in middle school.

NB 960 :)

spent over a decade trying to turn shoes into limited pokémon cards for sneaker nerds
meanwhile for their lunch ate on stack plate/foam/comfort runners by ON, Hoka, Salomon, New Balance, even Adidas and Sketchers lol
and i literally mean Nike’s lunch Nike essentially pioneered carbon plate runners and high \~40mm stack heights with the Flys and also pioneered comfort stack runners with AirMax
and yet even Adidas shit all over them on both, let alone ON, NB, Hoka, etc

Different strokes man ¯\_(ツ)_/¯ Ive got a C5Z myself. Gonna sell it soon and build an NB LS swapped miata.