UPDATE: JP Morgan Upgrades Nike to Overweight on Robust Growth Outlook
JP Morgan upgraded Nike (NYSE: NKE) from Neutral to Overweight and raised the price target from $50.00 to $64.00.
JP Morgan commented, "While near-term headwinds (2H13 pricing, labor, Int'l concerns) are worth noting, earnings visibility is improved (vs. 3 months ago) given (1) robust multi-year product pipeline (Free & Lunar w/Flyknit the next leg), (2) China roadmap firmly in place (11%) w/ signs of European stabilization (22%), and (3) laser focus on total shareholder returns (NT & LT profit balance w/ capital allocation levers). Just Do It! – Upgrade to Overweight."
Nike closed at $54.59 on Friday.
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