Nike (NYSE:NKE) recently reported its first-quarter results for Fiscal Year 2023, which looked solid at first glance. The sports apparel titan generated a whopping $12.7 billion in sales, with earnings per share hitting $0.93, exceeding Wall Street analyst expectations. However, despite the impressive numbers, the company's stock crashed by double-digit margins. Nevertheless, the steep drop represents an excellent opportunity to load up on such a high-quality stock. We are bullish on NKE Stock for the long term. Nike's market value has fallen over 45% so far this year. The shoe company isn't looking like a growth stock anymore and faces major challenges in two of its main markets.
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