UPDATE: Piper Jaffray Raises PT on Nike on Potential for Compelling Trade Opportunity

In a report published Thursday, Piper Jaffray analyst Sean P. Naughton reiterated a Neutral rating on

, and raised the price target from $64.00 to $71.00. In the report, Piper Jaffray noted, “We believe the next several weeks potentially offer a compelling trade opportunity for NKE shares on the long side. The following events over the next four weeks could all be positive catalysts for NKE shares: Dick's Sporting Goods analyst day on September 18th, Nike's FQ1 earnings in late September, Nike's analyst day on October 9 and NKE shares being added to the DJIA on September 23. Furthermore, we believe product innovation such as Flyknit, mildly improving macroeconomic conditions in China and several global sporting events in 2014 provide a favorable backdrop. Lastly, NKE's earnings multiple relative to UA is approaching its historic low, which has typically been a good indicator of NKE's relative outperformance. We have raised our 12-month price target from $64 to $71, but are maintaining our Neutral rating given valuation.” Nike closed on Wednesday at $67.59.