Key Takeaways Nike stock outperformed the market, rising 5% in intraday trading Monday after Jefferies analysts recommended buying "aggressively."The analysts said Nike shares could add more than 40% in value.

Nike's stock cratered 55% from its highs after the company alienated many of its product distribution partners over the last few years. Seeing initial success from its in-house Nike Direct and Nike Digital operations, the company leaned into its own sales capabilities in favor of maintaining relationships with its wholesale partners.

Jefferies’ Randal Konik sees 50% upside in the stock, as he effectively calls a bottom in earnings and investor sentiment.