Nike Inc. (NKE) climbed 4.07% to $78.18 in early afternoon trading Monday after receiving bullish comments from J.P. Morgan and Citi.
J.P. Morgan analyst Matthew Boss boosted his price target for the athletic apparel and accessories company and increased his price target to $85 from $81.
Boss, who kept the company's rating at neutral, said there were indications that North America "momentum" is accelerating.
Management expects product innovation to accelerate across both performance and lifestyle with "distribution diversification" and opportunities in digital growth.
China makes up for roughly 14% of Nike's and Boss said the company's management remains "bullish on current trends, citing no signs of a slowdown to date [with] the local consumer" since its research suggests solid demand across the full-price category.
In addition, Nike was named Citi's "top pick" for 2019. Citi said the Beaverton, Oregon-based company global growth story remains intact and that the stock deserves a premium multiple.
Nike corrected lower in October and then bounced and retested the October low in November. Volume was heavier in September and October compared to July and August.
On Saturday, the company opened Nike Dubai, a 35,400-square-foot location in the Dubai mall, its largest store in the Middle East.