Nike is set to report quarterly earnings Thursday after the bell, and one strategist is cautious on the stock heading into the company’s results.

“The stock is trading near its 52-week highs, but it’s really priced to perfection and actually remains incredibly expensive,” Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, told CNBC’s “Trading Nation” on Wednesday.

Ahead of the report, here are Schlossberg’s biggest points to watch.

• Nike shares, up 14 percent this year, are trading at 67 times trailing earnings and 26 times forward earnings, though its five-year growth rate is only about 7.5 percent. In that way, Nike is a mature consumer goods company priced as a breakout brand.

• Investors will be watching for the impact of a weakened euro on its business. Europe accounts for only about 17 percent of Nike’s business, but if there is a big decline due to exchange rates and general malaise across European markets, Nike’s margins could be negatively impacted.

• The World Cup may be providing a short-term boost to Nike’s stock, but it’s doubtful it can overcome broad macroeconomic headwinds the company is facing.

Bottom line: Nike’s shares have been on a tear in recent months, but appear “priced to perfection” ahead of the company’s earnings report.