Wall Street Analyst Sees Nike as Top Investment, Forecasts $130 Price Target

Nike Stock Analysis

Nike (NYSE: NKE) has faced challenges due to slowing consumer demand in China and increased competition, resulting in a 15% drop in share value over the last three months.

Guggenheim analyst Robert Drbul is optimistic about Nike's future, naming it his 'Best Idea' with a $130 price target by 2024.

Running Category Potential

Drbul believes Nike has room to grow in the running category, with expectations of improved sales driven by product launches and lower costs.

The Air Jordan line is seen as a key driver of growth, especially with the upcoming Olympic Games showcasing the Nike brand.

Investment Opportunity

Despite recent underperformance, Drbul suggests now as a good entry point for investors, foreseeing a 30% potential upside in Nike stock.

Updated financial insights will be available when Nike reports quarterly earnings on March 21.