UPDATE: Piper Jaffray Initiates Nike with Neutral, Awaiting Lower Entry Point

In a report published Friday, Piper Jaffray analyst Sean P. Naughton initiated coverage on Nike

with a Neutral rating and $64.00 price target. In the report, Naughton noted, “We are initiating coverage of NIKE with a Neutral and $64 PT. NIKE is the global leader in athletic and athletic-inspired footwear and apparel and should continue to benefit from international growth, rising mindshare in the U.S. and improving margins. However, we view NKE as fairly valued as shares are trading one-standard deviation above the historical multiple ex-cash, and we expect only modest upside to estimates in the next several quarters. While we have a Neutral view on NKE shares at this time, we believe the growth and margin opportunity is real and would have a more constructive rating at a lower earnings multiple or a more clear path to earnings upside.” Nike closed on Thursday at $60.29.