UPDATE: Stifel Nicolaus Raises PT to $123 on Nike

Stifel Nicolaus raises its price target on Buy-rated Nike (NYSE: NKE) to $123 from $108 as the company sustains momentum through innovation and improves visibility on margin expansion.

Stifel Nicolaus says, "Behind both improved visibility into sustainable revenue strength and gross margin improvement, we expect Nike's multiple to move towrads the higher end of the historical range. In combination with our view there is capacity for upward revisions to consensus estimates into 2013."

NKE closed at $109.98 a share on Friday.

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