Analysts reboot Nike stock price targets ahead of earnings originally appeared on TheStreet.

If the shoe fits, Nike  (NKE)  wants you to wear it.

The world's biggest shoe company is reportedly releasing a sneaker-loafer called the Nike Air Max Phenomena, which is brought to you by the company’s in-house Serena Williams Design Crew.

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Sneaker-loafers, or snoafers, are gaining popularity in response to a rising demand for versatile footwear that bridges the gap between casual and formal wear.

Hoka, Mizuno and Converse are among the companies that have created their own version of the snoafer.

"The loafer trend should continue as long as brands can stay creative with model and material variations,” Tarek Hassan, founder and chief executive of Concepts, told WWD in March. “I think we are approaching its peak in trend and growth but will continue to live on as a unique offering for consumers.”

Sneaker-loafers apparently come under the "love-it-or-hate-it" umbrella, with some consumers viewing them unconventional or even ugly.

The Nike Air Max Phenomena does not have an official release date, but you can bet the Beaverton, Ore., company is looking for a whole lotta love for its new snoafer.

Nike has been working on a turnaround dubbed "Win Now," CEO Elliott Hill’s plan to revitalize the company's culture, brand and product portfolio.

In March, the company beat Wall Street's fiscal-third-quarter earnings forecasts, but revenue was down 9%.

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“The team is moving aggressively to reignite brand momentum through sport and stabilize our business,” Matthew Friend, executive vice president and chief financial officer, told analysts, adding that the results reflected headwinds from the “Win Now” strategy.

"We are also navigating through several external factors that create uncertainty in the current operating environment, including geopolitical dynamics, new tariffs, volatile foreign exchange rates, and tax regulations, as well as the impact of this uncertainty and other macro factors on consumer confidence," he said.

Friend added that Nike expected fiscal-fourth-quarter revenue "to be down in the mid-teens [percent] range, albeit at the low end."

Consultants McKinsey said last month that most consumers the firm surveyed had either already changed their spending habits or expected to change them soon in response to the Trump administration's tariff announcements. That holds even if the tariffs’ effects have yet to hit store shelves, the firm said.