11/18/2009-Citigroup analyst Kate McShane reiterated her Buy rating on shares of Nike (NYSE:NKE) Friday morning, both on the near and long-term, citing cautious optimism from the company's management.
According to McShane's note, Nike is well positioned in apparel and has a stronger future growth in China & Emerging Markets, in addition to increasing market share in US footwear. McShane also cited increasing ASP's and continued strength in direct-to-consumer.
As a result, Citigroup raised its FY2010 EPS estimate to $3.75 from $3.70 (vs. consensus estimates of $3.65) citing slightly better gross and operating margins. Citi also reiterated its FY2011 and FY2012 estiamtes of $4.20 & $4.80, respectively. The bank boosted its price target to $75 from $69.
