UPDATE: Citigroup Downgrades Nike to Neutral on Limited Upside Potential - Nike (NYSE:NKE)

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Citigroup reduced its rating on Nike (NYSE: NKE) from Buy to Neutral but raised its price target from $98 to $101. Citigroup noted, "For the last several qtrs, Nike's P/E multiple expansion has been driven by double-digit top line growth rates due to strong innovation, global secular growth and higher prices. While we expect futures to still be healthy, futures could start to decelerate to below ~10% over the next 12 mos as the company laps several growth drivers."Nike closed at $100.84 on Wednesday.

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