(Updates stock prices throughout.)Nike (NKE) - Get Report shares are making a run for it, after analysts boosted the sneaker giant's fourth-quarter outlook.

Shares jumped 5% to $57.43 on the news, in early afternoon trading on Thursday, before closing at $56.29. The stock continued its climb in early morning trading Friday, jumping by $1.57, to $57.87. Competitor

Puma AG Rudolf Dassler Sport

(PUM)

was also up Friday, trading hands at $160.60, up more than 2% from Thursday's close.

"We think the potential exists for the company to exceed consensus estimates of 95 cents, driven by improved currency trends and larger-than-expected declines in selling, general and administrative spending," Oppenheimer analyst Robert Samuels wrote in a note on Thursday.

Costs should fall about 16% in the quarter, Samuels said, and the company's

5% cut in workforce

will result in annual savings of about $200 million.

Still, Samuels maintained his perform rating, since gross margins still face pressure from higher inventory levels and commodity costs next year.

Credit Suisse analyst Omar Saad also said investors are now more comfortable with the emerging market outlook, weakening U.S. dollar and better visibility for Nike's cost opportunity.

And Nike, unlike some of its competitors, has a bag of tricks up its sleeve, says Saad, and can drive profitability regardless of demand.

Nike will report its fourth-quarter results on June 24.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.