Credit Suisse Reiterates Outperform, Lowers PT On Nike On Solid Global Demand Ahead

In a report published Monday, Credit Suisse analyst Christian Buss reiterated an Outperform rating on Nike Inc. NKE, but lowered the price target from $102.00 to $99.00. In the report, Credit Suisse noted, "Heading into Nike's F3Q15, we have increased conviction in the company's ability to drive solid EPS growth into FY16 through: 1) continued market share capture in the U.S.; 2) strong demand trends in China; and 3) benefits from Western Europe's restructuring initiatives and subsequent EBIT margin recapture. We model for mid to high single digit topline and double-digit EPS growth (3Q $0.83, consensus $0.86; FY15 $3.53, consensus $3.57). F/X will be an incremental drag mostly driven by a weaker Euro and Real. We maintain our Outperform rating but lower our TP to $99 from $102." Nike closed on Friday at $95.81.