Nike price target raised to $116 from $114 at Morgan Stanley

Morgan Stanley analyst Alex Straton raised the firm’s price target on Nike to $116 from $114 and keeps an Overweight rating on the shares. Morgan Stanley expects in-line Q4 results from Nike, but believes Q1 and FY guidance will be set a “touch” believe Street expectations, the analyst tells investors in a research note. Nike’s Q4 is unlikely to shift the firm’s thesis as questions around long-term growth and profitability remain, and while the stock could prove range-bound until Nike’s Fall Investor Day, the firm thinks the risk/reward skews to the upside over the near-term.