Nike price target raised to $130 from $99 at Raymond James

Raymond James analyst Rick Patel raised the firm’s price target on Nike to $130 from $99 and keeps an Outperform rating on the shares. Nike reported a Q2 beat on EPS, revenue, gross margin, and operating margin, Patel tells investors in a research note, adding that the beat for revenue and gross margin is indicative of Nike’s underlying brand strength. The analyst expects robust revenue momentum to continue in 2H23 and FY24 including the likelihood of an accelerating recovery in China.