Jim Cramer on NIKE: “I Think We’ll See $70 for That Stock”

Jim Cramer reviewed NIKE, Inc. (NYSE:NKE) while breaking down 16 stocks for a market facing higher energy costs and economic uncertainty. A caller asked if the stock is a buy right now, and Cramer replied:

Okay, so, this is, whoa, this is one that, so far, I’ve done some, a couple of them lately that have been unbelievable, and a couple of them lately that have not been that good. It’s okay to admit that because I’ve never heard anyone else on TV ever say it, and Nike is one of them. I am growing impatient, but I’m not giving up because I still, it’s a huge turn, and I do think if I’m patient, I think we’ll see $70 for that stock. So, I’m not selling it. I’m going to talk about that on Friday, but people are getting bored with me beating myself up. But that’s what I, that’s kind of how I am.

Photo by Artem Podrez on Pexels

NIKE, Inc. (NYSE:NKE) is an athletic and casual footwear, apparel, equipment, and accessories company that sells its products under brands, including Nike, Jordan, and Converse. A caller inquired about the stock during the February 27 episode, and Cramer responded:

Okay, so I would tell you, let’s say… we brought Elliott Hill here. He would say that the number one thing we have to improve on is quality. He would totally agree with you. The problem is, I think that they got run down, and you can’t turn around a fashion play in two, three, four, or maybe even five quarters. We have to wait a full maybe year, maybe two years, to see what he does. That’s how poorly the company was doing that he received, and he’s doing his best. The Charitable Trust owns it. Right now, it’s disappointing, but I’m betting that with more time, it will not be disappointing. That’s all I can tell you.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years 

Disclosure: None. Follow Insider Monkey on Google News.