A customer shops at the Nike store in Miami Beach.
Guggenheim named Nike its "best idea" for the year 2022.
Robert Drbul said in a note to clients that Nike's market share should continue to grow as it continues to scale online and innovate with new footwear and apparel products in the new year.
He said that Nike should still be able to hit its financial targets despite being hurt by global supply chain disruptions.
The company's latest earnings report showed that the company's brand in China has seen slow growth.
Nike continues to deliver and innovate products that connect with local consumers by promoting healthy lifestyle and other important societal themes, which presents an opportunity for long-term investors, Drbul said.
Nike's engagement in the metaverse will be closely watched by Guggenheim. The retailer bought a virtual sneaker company in December.
Nike shares are up 18% from a year ago. Its market value is over $263 billion.
