Nike stock raced higher after Jefferies analysts recommended investors "aggressively" buy shares of the athletic footwear company.

Nike (NKE) shares—which were trading near a five-year low earlier this month—are poised for a comeback and may gain more than 40% in value based on recent prices, Jefferies analysts said. The company's stock sprinted past the broader market, with the 澳洲幸运5官方开奖结果体彩网:S&P 500 recently rising🍌 0.1%; Nike shares were up about 5%.

“After a few years of challenges and self-inflicted wounds, we believe new leadership will improve product direction and re-establish balance between [direct to consumer] and wholesale [channels],” Jefferies analysts wrote. “With shares near a 澳洲幸运5官方开奖结果体彩网:valuation trough, we believe 💦now is the right time to aggressively buy shares.”

Jefferies' analysts said there's minimal downside to investing in the company because, at worst, its shares will fall 8% over the next two years. Their new price target, $115, is well ahead of the Wall Street mean of $80 and higher than any target tracked by Visible Alpha.

Nike is concentrating on increasing partnerships with wholesalers and will remain prominently displayed at Foot Locker (FL) and Dick's Sporting Goods (DKS) after overly relying on ♋digital sales, the analysts said.

They applauded efforts to develop more innovative products under CEO Elliott Hill, a company veteran 澳洲幸运5官方开奖结果体彩网:brought back as CEO last fall, including rolling out Pegasus Premium, running shoes that combine multiple Nike cushioning systems. The analysts said they were pleased that Nike is trying to hire more people focused on products, and launching a product line 澳洲幸运5官方开奖结果体彩网:with reality TV star🔜💜, Kim Kardashian.

“Despite minor market share losses to competitors, NKE's global ubiquity and distribution advantage ensure its continued dominance in the sportswear industry," the note said. "NKE remains the unrivaled leader in the market.”