Survey work shows Nike (NKE) is ceding market share to Adidas (ADDYY) in both Europe and the U.S. at an accelerating pace, especially in running, Jefferies analyst Randal Konik tells investors in a research note.

The analyst's webscrape analysis shows Nike has 35 shoes in the top 60 sellers versus 52 last year, while Adidas has risen to 24 styles, versus just 2 last year. Konik expects downward estimate revisions and multiple compression for Nike. He lowered his estimates for the company and cut his price target for the shares to $49 from $60.

The shoemaker closed yesterday down 37c to $53.50. The analyst reiterates a Hold rating on the name. Konik also views Nike's eroding market share as negative for both Foot Locker (FL) and Finish Line (FINL).