UPDATE: Wedbush Raises PT on Nike on 4Q Review

In a report published on Friday, Wedbush analyst Corinna Freedman raised the price target on Nike NKE from $56 to $58 and maintained a Neutral rating. In the report, Wedbush stated, "NKE reported $0.76 vs. our $0.75 estimate and cons of $0.74; in-line revs with NEUTRAL better than expected GM (+65bps better) and lower tax rate were partially offset by higher SG&A (+59bps higher) and share count. Sales trends were strongest in emerging markets at +16% growth vs. LY while China revs were better than feared at -1%. N. America posted another strong Q with revs up +12%." Nike closed on Thursday at $62.32.