UPDATE: Credit Suisse Raises PT on Nike on Solid Futures

In a report published Friday, Credit Suisse analyst Christian Buss reiterated a Neutral rating on Nike

, and raised the price target from $51.00 to $60.00. In the report, Buss noted, “Nike delivered solid results across a number of key areas, suggesting that a return to the target model for high single digit top-line growth and teens EPS growth is underway. We are incrementally more positive on the longer-term earnings growth opportunities and are raising estimates and target price accordingly. Valuation remains a modest holdback. Nike North America revenue growth of 18.6% (constant currency) and futures growth of 11% were both ahead of our expectations and consensus and highlights the strength of the Nike brand in the region. Overall industry data suggested a meaningful deceleration in athletic footwear trends (66% of Nike N.A. revenue), Nike was able to deliver 15% growth, an acceleration from 13% growth in the prior quarter, suggesting substantial market share gains.” Nike closed on Thursday at $53.60.