UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Nike Following Solid Beat and Raise Quarter

In a report published Friday, Morgan Stanley analyst Jay Sole reiterated an Overweight rating on Nike NKE, but removed the $85.00 price target. In the report, Morgan Stanley noted, “Nike's 2Q result means Street EPS estimates likely increase, boosting shares. Market sentiment probably rises as key catalysts like the Winter Olympics and World Cup approach, especially with Nike futures already showing strong gains due to the events. Bears are worried about valuation, but as long as Nike continues to deliver solid quarters, we don't see a catalyst for meaningful multiple contraction.” Nike closed on Thursday at $78.26.