What happened

Nike (NKE -0.84%) is on the cusp of reporting its latest earnings, and judging by their reaction Monday, investors aren't very confident about this. Despite a bullish analyst reiterating his buy recommendation on the stock that morning, a nervous market pushed the athleticwear and shoemaker's share price down by nearly 3%.

So what

The positive note on the stock came from Jefferies prognosticator Randal Konik, who still considers Nike to be a buy at a price target of $115 per share. This implies nearly 12% upside to the stock's current level. 

Konik continues to be optimistic about Nike's prospects in the face of numerous challenges facing consumer goods companies.

"Despite a slowing consumer, FX headwinds, an elevated promotional environment, and ongoing softness in China, we believe current estimates are achievable and that most of these factors are already incorporated into expectations," he wrote in his latest research note on the company.

Konik considers Nike to be a fine long-term pick, as its brand positioning is very effective. It also still has significant room for growth in international markets, where its brand recognition is high and its products continue to be in demand even though they can be relatively pricey.

Now what

Nike is slated to publish its second quarter of fiscal 2023 earnings after market close tomorrow, Tuesday, Dec. 20.

Perhaps one reason for Monday's sell-off is that, on average, the analysts tracking the stock are expecting a notable slide in earnings. On a per-share basis, they collectively believe the sportswear titan will post a net profit that is 22% lower on a year-over-year basis. Revenue, at least, should rise -- those pundits are predicting an 11% improvement to almost $12.6 billion.