Nike price target raised to $64 from $53 at Barclays

Barclays raised the firm’s price target on Nike (NKE) to $64 from $53 and keeps an Equal Weight rating on the shares. The company’s fiscal Q4 beat on sales and earnings with an inline gross margin versus consensus, the analyst tells investors in a research note. The firm says Nike’s Q1 guidance was “better than feared” as the holiday order book inflects positive, driven by running and performance. Barclays believes a second half of the fiscal year margin inflection “is in play,” but says a worsening sales-to-inventory spread in Q4 keeps it sidelined.