(NYSE: NKE) is unusually cheap these days after Wall Street left it out of the recent rally. Shares declined 7% in 2023, in fact, to make the footwear giant one of the worst-performing members of the Dow Jones Industrial Average.

There were some good reasons for the slump, as Nike is struggling with weak demand trends and a heavily promotional selling environment. These challenges won't last forever, though, meaning patient shareholders have a chance to see excellent returns from buying the stock while pessimism is running high on Wall Street.

But is Nike a good buy or a value trap right now? Let's dive right in.

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Source Fool.com