In a report published Monday, Credit Suisse analyst Christian Buss upgraded the rating on Nike Inc NKE from Neutral to Outperform, and raised the price target from $80.00 to $100.00.
In the report, Credit Suisse noted, “A truly exceptional quarter from Nike, with top-line strength, gross margin upside, solid futures numbers, and inventory growth well controlled, leading to a big beat of $1.09 versus our prior model for $0.86, even adjusting for a $0.05 benefit from a lower than expected tax rate. Increasingly it looks like Nike will continue to capture market share at an elevated rate globally, positioning the company for a continuation of double-digit revenue growth. When combined with benefits from margin recapture across Europe and China, the company looks to finally be able to sustain mid-teens or better earnings growth following three years of low double digit earnings growth. As a result, we are upgrading our rating to Outperform, raising our TP to $100 from $80, and increasing our FY 15 and 16 estimates.”
Nike Inx closed on Friday at $89.50.
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