UPDATE: Auriga Raises PT to $128 on Nike

Auriga raises its price target to $128 on Buy-rated Nike

ahead of FQ3. Auriga says, "We are increasing our estimates on NKE for the quarter and year to reflect our belief that NKE's superior product offering could lead to continued earnings growth going forward. We expect sales +15% in FQ3, fueled by technical athletic footwear and apparel (Nike Free and Pro Combat, specifically). Gross margin pressure is expected; however we believe that pressure in Q4 could lessen and GM could increase in F1Q13. We expect futures +10% for March-July window. We believe NKE is well positioned to capture discretionary spending in the athletic segment and should continue to prosper with the upcoming Olympic Games in London." NKE closed at $111.22 a share on Friday.