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Nike (NKE) Stock Lower, Downgraded at Piper Jaffray

NEW YORK (TheStreet) -- Shares of Nike (NKE) were dropping in pre-market trading on Thursday as Piper Jaffray reduced its rating on the stock to "neutral" from "overweight."

The downgrade comes after the firm visited Germany, the U.K. and France this past week.

"While we believe in the brand long-term, the resurgence of adidas (ADDYY) has taken a toll on Nike's growth rate in the region. We are also seeing other competition for the brand in Europe accelerate -- from the likes of Puma, New Balance and surprisingly...