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UPDATE: Credit Suisse Upgrades Nike (NKE) to Outperform

September 29, 2014 6:48 AM EDT
Get Alerts NKE Hot Sheet
Price: $93.98 -0.16%

Rating Summary:
    31 Buy, 20 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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(Updated - September 29, 2014 10:21 AM EDT)

Credit Suisse upgraded Nike (NYSE: NKE) from Neutral to Outperform with a price target of $100 (from $80.) Analyst Christian Buss called its Q1 "truly exceptional."

"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 willcontinue 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," said Buss.

For an analyst ratings summary and ratings history on Nike click here. For more ratings news on Nike click here.

Shares of Nike closed at $89.50 yesterday.



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