Shares of the Beaverton, Oregon-based company hit $101.40 intraday Friday, boosted by quarterly earnings and sales released after the bell Thursday that beat analysts' expectations. It closed Friday down 1.1% at $99.96 but is up around 34% year to date.
"Even though it's a $41 billion company, it's only 9% global market share in footwear and just 1% in global market share apparel," Sole said on "The Exchange." "There's lots of room to go."
Sole raised his price target Friday on Nike to $103, up from $97. He maintains a hold rating on the stock, citing the widespread bullish outlook on Wall Street.
That attitude has helped propel the stock from the low $50s in the fall of 2017 to its current levels around $100. While sales and revenue have grown in the mid-single digits in that period, Sole said the stock nearly doubling reflects a belief that Nike still has brighter days ahead.
"I think the market is anticipating really strong double-digit growth, 15%, even higher, in terms of [earnings per share] over the next few years," he said.
When asked if that was feasible, Sole responded, "As big as Nike is, we do think it's possible."
In its quarterly report, Nike's revenue grew by about 10% to $10.33 billion from $9.37 billion a year ago, beating expectations for $10.09 billion.
Its North American revenues did fall short of expectations, however, climbing 5.3% during the period to reach $3.98 billion. Analysts had anticipated sales of $4 billion.
Nike saw strength in its Jordan brand, which reached quarterly sales of $1 billion for the first time ever.
Nike's strong stock performance comes against the backdrop of a shakeup within the company. In October, it abruptly announced that CEO Mark Parker will step down in January.
It also has dealt with allegations in November of abuse toward women at Nike's Oregon Project under track coach Alberto Salazar. The team was previously considered to be the best in the world.
Salazar denied the claims, and the company said it would investigate allegations of abuse.
— CNBC's Lauren Thomas contributed to this report.