Nike’s road back to glory is going to take a while, but Jim Cramer is willing to wait. “The reason I’m defensive about it is because I know very few people who think that Nike can turn,” Cramer said Tuesday on “Squawk on the Street.” The stock received a 6.9% boost the day after reporting a first-quarter earnings beat on Sept. 30, but has since fallen more than 15%. “It’s one of the better companies out there that’s down,” Jim added. Bank of America analysts agree. In a note to clients on Tuesday, they said that “the recent pullback since first-quarter earnings offers a particularly attractive buying opportunity,” citing continued sales and margin improvements as Nike’s innovation pipeline ramps up. Shares of Nike are up 4% in midday trading. The sneaker and apparel giant has announced a slate of new products, including the NikeSkims sports shape wear collaboration, the upcoming NikeMind shoe collection, as well as the Aero-FIT performance line. As Nike continues to refresh its lineup and introduce new inventory, analysts say that “this could translate into product wins in 2026.” The upcoming FIFA World Cup, which will be hosted in North America, is another tailwind for Nike, analysts said, as it gives Nike “a megaphone” to showcase its latest goods on a global stage. BofA maintained its $84 price target on the stock. It’s not been an easy road for Nike investors. The stock has been sliding since hitting a record high close of $177.51 in late 2021. Nike’s post-pandemic direct-to-consumer strategy under former CEO John Donahoe failed to drive growth and alienated its retail partners. However, the company’s latest quarter offered positive signs that Nike’s turnaround strategy under new CEO Elliott Hill is working. Both Nike’s total revenue and earnings per share beat Street expectations. More than a year into his tenure, Hill has been focused on making sports the center of Nike’s universe again, including the creation of sports-themed stores. Even so, Hill candidly told CNBC’s Sara Eisen that a return won’t happen overnight. Key challenges remain, including improving relationships with wholesalers and jump-starting s luggish China sales . Cramer admits that comebacks by apparel brands don’t always work, using the example of Under Armour . But Cramer sees the bet on Nike as a bet on Hill’s strategy, likening him to Starbucks CEO Brian Niccols, who is also in the midst of a major turnaround. He’s confident that both CEOs can get their respective companies back to greatness. “I’m putting it [Nike] in the same category as the barista Starbucks, which I also think is going to come back.”