By Aaron McDade

Nike's stock could soon be due for a rebound, according to analysts at Barclays.

Barclays analysts upgraded Nike's (NKE) stock to "overweight" Wednesday and lifted their price target to $73 from $64, anticipating a turnaround from its recent slump. The shares slipped less than 1% to close just under $56 Wednesday, leaving them down nearly 25% over the past 12 months.

The analysts said they believe investors may have reached "peak skepticism" as Nike's financials hit a "fundamental bottom." Nike's "recent operational progress, financial inflections, and management’s disciplined actions" could point to a coming reset, they said.

Barclays also said it expects Nike's improvements in North America could soon start to outweigh concerns about sales in China and worries about higher tariffs that have dominated in recent quarters.

Barclays' new price target is roughly in line with the Visible Alpha consensus target of about $72, which implies about 30% upside from Wednesday's close. Among the 14 analysts with current ratings, eight other brokers have recommended buying Nike's stock, compared with five neutral ratings, and just one "sell" rating.

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Investors will get their next update on Nike's financials when the company reports fiscal third-quarter earnings after the market closes on March 31.

Nike shares are down about 13% year-to-date and have lost nearly a quarter of their value in the last 12 months.

This article was originally published on Investopedia