UPDATE: Benchmark Initiates Nike with Buy, $128 PT

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Benchmark initiates its coverage on Nike
NKE
with a Buy rating and a $128 price target following the beat in quarterly results. Benchmark notes, "With its diversified distribution channels, large international exposure and innovation pipeline, Nike is a global brand leader in athletic footwear and apparel with a significant emerging markets growth opportunity, cash rich balance sheet and best in-class management team. Our call is not just based on the view that 2012 is setting up to be a stellar year given the sporting calendar. We think the company is well-positioned to continue to take share for the next several years and our FY14 estimate of $6.24 is almost 8% above consensus." NKE closed at $128 on Wednesday.
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