NIKE's (NKE) Q4 results and commentary imply progress in

repositioning, with trends still suggesting an elongated recovery trajectory, Oppenheimer said in a note Wednesday.

The report said it's best for shorter-term-oriented clients to stay on the sidelines, awaiting clearer evidence of a turnaround.

"We look upon outperform-rated Dick's Sporting Goods (DKS) as the best means to play improving product innovation at NKE," the report said.

The note pointed to indication from the firm that World Cup-related demand is tracking well, but a now more-challenged macro backdrop is impacting sales trends in the US and abroad.

The firm will host an investor event in mid-November, it added.

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