Jim Cramer Says Feels “More Confident in Nike’s Ability to Turn Itself Around” After Earnings

NIKE, Inc. (NYSE:NKE) is one of the stocks Jim Cramer put under the microscope. Cramer highlighted that the stock is being added to the Charitable Trust portfolio. He said:

“Overall, I thought this quarter was a major step forward, and clearly buyers agreed, because the stock really roared today. Okay, that said, let me throw some cold water on what I’m saying. Turnarounds take a long time. This is really just the beginning… And look, Nike’s definitely still has a lot of room for improvement… Beyond the company’s specific challenges, Nike has to contend with a major industry headwind, and that’s, as you probably guessed, tariffs…

So here’s the bottom line: After last night’s earnings report, I feel a lot more confident in Nike’s ability to turn itself around, which is why we’re adding to our position in this one for the Charitable Trust this very morning. In a very tough environment, Nike’s doing great things to the power of competent leadership. I like that. In short, Elliott Hill is a gamer, a lover of sport, and a person who respects his customers while revering the institution that is Nike. He knows they need to reconnect, and it’ll be hard work. But with him at the helm, I’m betting a $74 stock can go to $100.”

Rose Carson / Shutterstock.com

NIKE, Inc. (NYSE:NKE) designs, develops, and markets athletic and casual footwear, apparel, equipment, and accessories under brands like Nike, Jordan, and Converse.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.