Stifel Nicolaus was behind the boost, upgrading the athletic apparel maker to "buy" from "hold" and upping its price target to $87 per share. The broker cited a combination of Nike's "standout fundamentals" and the recent pullback in shares. 2014 has not been kind to Nike shares, which are down 7 percent on the year.
So is Tuesday's bounce the start of something bigger, and should you buy?
Not for Richard Ross of Auerbach Grayson, who, going strictly by the charts, sees some ominous signs.
"I respect this upgrade call out of Stifel in the short term, but when we zoom out and look at the long-term chart, we have to consider that Nike's best days are behind it," said Ross. "When I see a double top at the tail end of a five-year triple digit move in the stock, I'm concerned. I would sell into strength on any bounce."
(Check out: Nike swings for $1.2B market with golf ball lab)
And the fundamentals aren't much better, at least according to one market strategist.
"This is a dominant, well-run company. It controls 50 percent of the U.S. shoe market. But is it growing fast enough to justify its valuations? Not for me," said Steve Cortes of Veracruz TJM, who believes Nike has lost its cache with youth.
"Our grandparents wore Chuck Taylors, our parents wore Nike, our kids are wearing Under Armour," Cortes joked.
So, should you side with Ross and Cortes or Stifel?
Check out the video for the full discussion on Tuesday's episode of CNBC's "Street Signs."