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Fitzsimons noted the stock's 12% year-to-date decline presents a "rare buying opportunity for this best-in-class global athletic name."
The analyst expects accelerating trends for Nike in fiscal 2023, and recent channel checks in China suggest the brand can improve sequentially from Q2.
Nike is well-positioned to retain its number one market share in the region in the longer term, Fitzsimons added.
The analyst also cited greater confidence in Nike's China trajectory and a favorable risk/reward ahead of accelerating trends for the upgrade to Overweight.
Price Action: NKE shares traded higher by 1.27% at $147.85 in premarket on the last check Tuesday.
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