I find that quite ironic given how Nixon started his career.
It struck me as very odd.
From what I've read (don't remember exactly where ATM so pardon my lack of citation) Wallace considered Kennedy too young and inexperienced to be President. He also endorsed Eisenhower both times so endorsing Nixon doesn't seem so strange in this light.
Did he go to a leadership camp or something? What made him like Ike so much?
Don't know. My wild guess is his obvious lack of warm feelings for Truman (Stevenson was hand-picked by Truman after all) as far as 1952 is concerned. But I can't back it with sources.
Maybe that's the key. After being painted as a communist sympathizier Wallace maybe wanted to create a diffrent image. In fact after 1948 he became pretty pro-cold war in his writing.