NEW YORK (TheStreet) -- Shares of Nike Inc. (NKE) are up 7.54% to $85.76 in pre-market trading after the company posted first-quarter profits that surpassed analysts' estimates, after the FIFA World Cup soccer tournament boosted sales, according to Bloomberg.
Net income in the quarter ending August 31 jumped 23% to $962 million, or $1.09 a share, from $779 million, or 86 cents, last year, Nike said.
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Also, Janney Capital raised the athletic apparel and footwear company's rating to "buy" from "neutral" this morning. The firm said Nike's sales growth is accelerating and that it continues to generate a strong cash flow.
The firm set a $93 price target on Nike.
Separately, TheStreet Ratings team rates NIKE INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NIKE INC (NKE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."