UPDATE: Sterne Agee Upgrades Nike After Earnings Report

In a report published Friday, Sterne Agee analyst Sam Poser upgraded the rating on Nike (NYSE: NKE) from Neutral to Buy, and named an $85.00 price target.

In the report, Sterne Agee noted, “Strong results, a 10% increase in FX neutral future orders, material improvement in the Western European business, and signs that China will return to double digit growth in 2015 lead us to upgrade the stock from Neutral to Buy and establish an $85 PT. Raising FY14/FY15 EPS estimate from $2.96/$3.35 to $3.04/$3.58. NKE is a best in class company, a leader in innovation, and a low-risk, high quality long-term investment.”

Nike closed on Thursday at $70.34.