Despite facing near-term headwinds,Nike Inc.'s(NYSE:NKE) turnaround strategy with the new CEO at the helm can propel the stock by 32% to $97 per share, said an analyst as veteran hedge fund manager Bill Ackman loads up on the shares.

What Happened:Daan Rjinberk, a senior officer of trade services at Rabobank in his latest note on Nike dated Dec. 28 has said that the sportswear company faces short-term challenges, but management is taking steps to address them.

According to his note, while high growth is unlikely, the company has strong long-term potential driven by margin expansion...