Sterne Agee Maintains Buy, $110 Target on Nike

Sterne Agee reiterates its Buy rating and $110 target price on Nike (NYSE: NKE) as it adjust estimates to reflect company outlook.

Sterne Agee says, “We are forecasting 2Q12 EPS of $1.00 versus $0.94 LY. We lowered our Q2estimate by $0.08 to better reflect the company's SG&A guidance. We are estimating revenue of $5.74B (+18.5% y/y) which incorporates growth in all regions, led by 37% currency neutral growth in Eastern & Central Europe, 18% growth in greater China and 15% increase in North America, and is in line with the high teens increase expected by management.”

NKE closed at $95.05 per share on Friday.