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Jefferies upgrades Nike to buy, says stock can rally 40% from here

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A pedestrian walks past American multinational sport clothing brand, Nike store and its logo seen in Hong Kong.
Budrul Chukrut | SOPA Images | LightRocket | Getty Images

Sneaker and apparel giant Nike shows no signs of slowing down in coming years and there is room for its stock price to race ahead, according to investment firm Jefferies.

Analyst Randal Konik upgraded the stock on Tuesday to buy from hold, saying in a note to clients that company appears poised to have healthy growth and expanding margins on several fronts within its business.

One reason Jefferies is bullish on the continued growth for Nike is that the forced work-from-home experiment during the pandemic may cause a lasting trend in office clothing, whether remote or in-person.

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