Nike wins over more analysts on signs of a turnaround (NYSE:NKE)

Nike (NYSE: No) is looking to extend its recent rally as more Wall Street analysts point to a shift in the company that is slowly starting to affect it.

Williams Trading has gone from being a bear in Nike (NKE) to… Nike is looking to make a big change in its business. Analyst Sam Poser noted the recent reappointment of Tom Peddie as vice president of market partners, which means he will take over the wholesale division in the United States. It’s worth noting that Nike (toThe wholesale partners Poser and his team have spoken to are very happy to have Peddie back, and are starting to see more focused attention on their accounts.

Earlier this week, Evercore ISI added Nike (NKE) to its list of top five soft-line stocks. The firm feels that Nike (NKE) may be approaching a fundamental bottom after several negative revisions to consensus estimates. “Based on our extensive channel work, we believe that Nike has begun to take many of the early steps necessary to execute a transformation (albeit a complex transformation that will take time to achieve, to be sure),” analyst Michael Benetti said. He also noted that Nike (NKE) has strengthened its marketing lead, and early signs suggest that the brand is taking steps to make its marketing stack more aggressive. The aggressive “winning isn’t for everyone” ad campaign was highlighted as a sharp contrast to Nike’s marketing over the past few years, which has had a less competitive tone.

At Seeking Alpha, analysts have also turned bullish on Nike (NKE), with a flood of Strong Buy and Buy ratings over the past two months.

Nike (NKE) shares rose. 0.66% Pre-market trading surges, adding to +10% gain over the past week.