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Shares of Nike Inc (NKE) - Get NIKE, Inc. Class B Report  were up 2.1% to $59 in Thursday's trading session after Morgan Stanley analyst Jay Sole upgraded the stock to overweight from equal-weight. He assigned a $68 price target, which implies almost 20% upside from current levels.

Given the stock's flat performance over the past 12 months -- literally, with a 0.12% decline over the last year -- investors would cheer a 20% rally back toward its former highs.

Sole says the "window is closing" to buy Nike stock, arguing that new shoe lines will give a boost to sales. Additionally, he said earnings and North American sales are troughing. Sole's upgrade is in contrast to Needham's view, which hit the company with a hold rating Tuesday. While the analyst did say they were more bullish over the long term, they argued that future growth is already priced in.

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Instead, the analyst rallied behind Lululemon Athletica inc. (LULU) - Get Lululemon Athletica Inc Report , which jumped 3.3% on Wednesday after Needham upgraded it to a buy. After the stock's rally, Needham's $67 price target implies upside of about 10%. While a 10% return isn't bad, the ~17% return that Morgan Stanley expects from Nike is better. We'll see which is right.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.