UPDATE: Credit Suisse Reduces PT to $91 on Nike on Margin Concerns, China Futures

Credit Suisse reiterated its Neutral rating on Nike NKE and reduced its price target from $93 to $91. Credit Suisse commented, "Decelerating futures, particularly in China, the company's highest-margin region, and persistence of gross margin pressure suggest that managing the demand environment has become more challenging globally. While the company's geographic breadth is a partial offset (strength in North America, surprisingly robust European business and futures) and inventory balances are largely aligned with sales growth for the first time in 8 quarters), we believe earnings power will remain under pressure through F4Q (May 2013), suggesting limited upside potential to shares near term." Nike closed at $96.00 on Thursday.