Key Takeaways Nike stock outperformed the market, rising 5% in intraday trading Monday after Jefferies analysts recommended buying "aggressively."The analysts said Nike shares could add more than 40% in value.

Shares of Nike advanced about 5%, one of the best performers in the S&P 500 Monday, after Jefferies raised its recommendation on the stock to buy from hold. The investment bank cited Nike Chief Executive Elliott Hill's strategy to reposition the sportswear brand after years of missteps.

Nike’s (NYSE:NKE) brand remains strong and strategic missteps allowing competitors to gain market share was not fatal for the sportswear giant, leading Jefferies’ Randal Konik to upgrade the stock to a Buy from Hold with a 53% hike to its price target.