Analysts at HSBC Global Research on Tuesday downgraded Nike Inc. NKE, +9.78% stock to the equivalent of a neutral rating, saying that the market is already pricing in a lot of positive events for the retailer and Nike shares are trading around multi-year highs in absolute terms and relative to global peers. While "there are many reasons to pay a high multiple for Nike," including the company's being a industry leader and having "savvy brand marketing" in place, "the capacity to surprise investors on the upside is not as substantial anymore and with shares in the mid-80s and up close to 70% over the past 12 months, we are happy to take a breather," the analysts said. "We still have some upside linked to higher margin estimates ... but not enough to keep a buy rating," the analysts said. Nike shares fell 0.5% in the extended session after ending the regular trading day down 2%. Nike shares have gained 32% this year, outstripping a 9% advance for the S&P 500 index SPX, -0.73% and 8.3% gains for the Dow Jones Industrial Average. DJIA, -0.42%