Nike price target raised to $122 from $110 at Credit Suisse

Credit Suisse analyst Michael Binetti raised the firm’s price target on Nike to $122 from $110 and keeps an Outperform rating on the shares. Ahead of Nike’s Q2 earnings update next week, the analyst feels that Nike’s two most important businesses are "at or past their trough," and EPS revisions are "more likely to the upside from here." However, he believes Nike will have to calm concerns that heavy inventories won’t pressure U.S. revenues in the second half of the year. Binetti concludes that Nike is a "must-own discretionary stock for high quality exposure to what should be the most powerful global consumer story over the next year — China reopening."