UPDATE: Bank of America Raises Price Objective on Nike

In a note released Friday morning, Bank of America analyst, Robert Ohmes raised the price objective on Nike

from $88 to $92 and maintained a Buy rating. Ohmes noted Nike is still the leader in the global athletic cycle. A position he says the company is able to maintain primarily due to its "powerful" footwear pipeline, price increases, and expansion in its direct-to-consumer business. In addition to the price objective and on the back of Nike's first quarter beat, Ohmes has raised his EPS estimates for 2015 and 2016 from $3.40 and $3.95 to $3.55 and $4.00.