The athletic apparel company rose nearly 2 percent midday Monday after an analyst at Piper Jaffray said it expected Nike to beat earnings estimates when it reports on June 28. And under the shine of champion LeBron James and with the Olympics on the horizon, Nike shares are looking a lot better, Cramer told CNBC's "Squawk on the Street" on Monday.
"This stock has been really beaten down," Cramer said. "Basketball sneakers have been in the doldrums — maybe this one wakes up. It's still expensive, no doubt about it. But I just think it's kind of spent its time in purgatory. Under Armour has too."