We reiterate our BUY rating for Nike, albeit underweight, because of these caveats: i) the looming recessionary environment, ii) continuing supply-chain woes alongside China’s zero-covid policy and iii) elevated freight costs. We reiterate our view that Nike is a hugely valuable brand with recognition similar to Apple and Coca-Cola, however we caution against too much optimism in the next few quarters as we expect the company to continue to be impacted by the issues we have mentioned.