(NYSE: NKE) stock has been under pressure over the past several months. Shares have dropped 15% in the last three months after the company said it expected slower sales near-term growth when it last reported quarterly earnings.

But Guggenheim analyst Robert Drbul thinks the stock has been punished enough and just called Nike his "Best Idea" for 2024. The senior managing director and equity research analyst for the firm thinks Nike stock will reach $130 per share as "management is laying the groundwork for many launches of product to deliver an acceleration in top line growth in the second half of 2024 and into 2025."

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Source Fool.com