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.

On the last Monday of the month, Jefferies analyst Randal Konik upgraded his recommendation on Nike stock to buy from his previous hold. More dramatically, he made a serious lift to his price target, sending it on a rocket to $115 per share from the comparatively modest level of $75.