1 Growth Stock Down 42% to Buy Right Now

For a brief time earlier this year, it looked like (NYSE: NKE) shares were going to bounce back from 2022's steep sell-off. Then, pow! Shares are down more than 20% from May's peak, and as a result of that pullback are now sitting 42% below their all-time high from late 2021. Problems created by the COVID-19 pandemic are still lingering, particularly in China. Economic weakness everywhere else isn't exactly helping, either.

Take a step back and look at the bigger picture, though. This is still the world's biggest and best-recognized athletic apparel brand, and it's still growing its top and bottom lines despite bumping into a handful of headwinds. The biggest factor working against Nike stock right now is just worry that this year's renewed weakness is taking on a self-sustaining life of its own. Once a couple more rounds of encouraging quarterly results are in the books, don't be surprised to see this stock start rallying again.

In fact, that bullishness may well materialize before Nike reminds the market it's doing just fine.

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Source Fool.com