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Shares of Nike Inc (NYSE:NKE) have been on an upward trajectory over the past week, exceeding market returns.
While challenges persist at Nike, its stock already reflects the pressure on the company's sales growth and profit expansion over the past several quarters, according to Oppenheimer.
The Nike Analyst: Brian Nagel upgraded the rating for Nike from Perform to Outperform, while raising the price target from $110 to $120.
The Nike Thesis: Having declined 14% year to date, versus the S&P 500's 14% gain, the company's stock is currently trading at multiples that are "consistent with historic troughs, last achieved in 2017," Nagel said in the upgrade note.
Check out other analyst stock ratings.
Although Nike continues to struggle with several headwinds, "internal opportunities can offset still challenged macro and competitive dynamics, near-term," the analyst wrote.
The stock is now primed to rebound, albeit gradually, "as efforts on the part of senior leadership to refocus on product innovation and brand-building take hold," Nagel stated. "Our now more constructive call on shares is generally intermediate to longer-term in focus," he added.
NKE Price Action: Shares of Nike had risen by 0.38% to $95.92 at the time of publication on Friday.
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