Citi Adds Nike (NKE) to 'Top Picks Live' List, Raises Target to $113

Shares of Nike (NYSE: NKE) are outperforming the broader stock market Wednesday morning following an addition to Citi's "Top Picks Live" list earlier. The stock last traded at $96.27, up just 0.02 percent from Tuesday's close. The S&P 500, meanwhile, is down 0.66 percent.

Citi's Kate McShane boosted her price target on Nike shares from $101 to $113 while reaffirming a Buy rating.

The analyst said recent solid performance from Foot Locker (NYSE: FL) and Adidas in Europe points to better-than-expected results in the region during Nike's second quarter.

McShane's new price target implies potential upside of about 17.3 percent from where the stock is currently trading.

Visit our Analyst Ratings page to track all the market-moving analyst calls on shares of Nike.

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