Deutsche Bank recently held a bull versus bear debate with an athletic sector expert. Here’s an overview of the bull and bear cases for Nike Inc .Bull Case The North American business still has another leg up.ASP growth remains strong.The North American full-price channel is cleared, and the company is working on clearing the factory/value channel as well.Shifted emphasis on DTC, apparel and foreign markets has created an unparalleled gross margin expansion opportunity.Nike’s business is tied to a growing middle class in emerging markets, and global sports participation is on the rise.The stock’s 10.8 percent 2016 pull-back is an opportunity to buy the dip.Government policies in China support athletics.Bear Case Competition from Under Armour Inc and others in the North American market is heating up.ASP growth has slowed in the past year.Inventory positions in Greater Europe, Greater China and Japan worsened in Q4.Q4 gross margins came up well short of consensus analyst expectations.International markets are a long-term growth driver, but the company needs a short-term catalyst to maintain its momentum.The stock’s pre-momentum valuation implies more than 20 percent downside ($43–48).Economic growth in China is slowing.Full ratings data available on Benzinga Pro.