Yet with the stock still down more than 11 percent this year, one top-rated analyst said the pullback reminds him of a 2012 scenario, which turned out to be "one of the best, nonrecession entry points for the stock in the last 20 years."
That opportunity came when inflationary pressures caused Nike to "repeatedly" miss earnings estimates, causing investors to question its pricing power, according to Omar Saad, an analyst at Evercore ISI.
"Although the market is unlikely to reach consensus on the key controversies surrounding Nike shares ... for another couple quarters, we would be buyers of the stock on weakness," he said.
"Not only do we believe that recent mishaps are now largely in the rearview mirror, but we were encouraged to hear management's confidence that North America will return to growth in [the fiscal first quarter] and then accelerate throughout the rest of [fiscal year 2017]," he said.
Saad is ranked in the top 10 percent of all Wall Street analysts, according to TipRanks. He averages a 16 percent return on his recommendations.