Time to buy athletic shoemaker Nike stock, Barron’s says

Shares of Nike (NKE) have tumbled 12% this year-and it isn’t hard to see why. China’s uneven economy has meant slower sales, while the high cost of living has also weighed on consumers elsewhere, Teresa Rivas writes in this week’s edition of Barron’s. Nike’s long innovation cycle resulted in inventory problems and created an opening for competitors like Hoka maker Deckers Outdoor (DECK) and On Holding (ONON), which have both climbed roughly 50% this year. It’s a lot of bad news, but much of it is already baked into the stock, with shares trading at a 25% discount to their historical average. What’s more, Nike appears to have new shoes coming that could excite shoppers again, while the Summer Olympics, set to start in late July, should be another catalyst for the stock, the author says.