"The plan is there, (but) they are just not seeing results yet," said Jay Woods, chief global strategist at investment banking firm Freedom Capital Markets.
Nike's chief financial officer, Matthew Friend, also said it would take "several quarters" to clear out its dated stock, which would involve margin-hitting discounts.
The company's shares are down about 11% since Hill's CEO announcement in September, giving up all the gains following his appointment.
To be sure, Hill has fast-tracked certain sneaker launches such as Pegasus Premium and Vomero 18 that helped Nike post a smaller-than-expected drop in quarterly revenue and profit.
Still, Nike is working to move past the previous management's strategy missteps that led to a lack of innovation for its product lines.
The new management is also trying to rebuild relations with other retailers that were weakened by its focus on selling directly via its own stores and website.
"Nike is emerging from quite a deep hole from prior management in terms of excess inventory, lack of innovation and brand equity, which we expect will take multiple seasons to correct," Barclays analyst Adrienne Yih said.
Barclays analysts projected the earliest they foresee a turnaround is in the second half of Nike's fiscal year ending May 2026.
Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 30.08, compared with 17.33 for Deckers (DECK.N) and 25.91 for Adidas (ADSGn.DE).
At least 10 brokerages cut their price targets on Nike stock. TD Cowen was the most bearish, cutting by $10 to $65.
The Dow component's shares were trading at $67 before the bell on Friday. They have lost 5% of their value this year following a 30% drop in 2024.
"We continue to like the recovery story but don't expect to see much short-term progress," Bernstein analysts said.
