With this AI-related HiTech Names’ Euphoria, Nike’s (NYSE:NKE) Upside Potential May Have Been Overlooked

Leading sportswear company Nike has had a challenging year, with its shares down nearly 14% year to date, YTD. However, the latest earnings report on March 21, 2024 (more below) offers a glimpse of hope.

Despite this year's weakness, consensus remains bullish on Nike, predicting upside potential of nearly 25% regardless of a broad market direction. This demonstrates confidence in its resilience and growth prospects. The stock’s RSI indicates that the stock is palpably oversold and entering a long risk-reward scenario.

NIKE last announced its quarterly earnings results on March 21st, 2024. The epic sports footwear company reported EPS of $0.98 for the quarter, beating consensus estimate of $0.69 by $0.29. NIKE earned $12.43 billion during the quarter, compared to analysts' expectations of $12.28 billion, and generated $3.40 earnings per share over the last year ($3.40 diluted earnings per share) and currently has a price-to-earnings (P/E) ratio of slightly over 26.