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

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.

Shares of Nike jumped 4.94% on Monday after a Jefferies report highlighted the potential for the stock over the next 12 months with a base case for a 50% gain and an upside scenario of +83%. Analyst Randal Konik upgraded his rating from hold to buy and made Nike his current favorite pick.