Nike Inc.'s (NKE) 10Q release has analysts at Macquarie excited about the company's future prospects.

The firm says that the sportswear maker is gearing up to go on the offensive and take the market share that rivals like Adidas AG  (ADDYY) and Under Armour Inc. (UA) have taken in recent years. 

The company's fundamentals appear to be improving as evidenced by its gross margin on a constant currency basis stabilizing flat year over year. Nike's bottom line is being helped by new products and the close-out of off-price pressure diminishing. 

However, Macquarie does still see pressure in the North American market where revenues were down 4.5% year over year. Still, holiday results so far suggest that the U.S. marketplace has improved also. 

Internationally, Nike is on fire. Some of the company's international numbers this quarter have surpassed the long-term guidance the company provided in October, according to Macquarie. 

Macquarie reiterated its "outperform" rating on Nike with a 12-month price target of $72, a 12% upside over the stock's previous closing price. 

Nike's stock is up 21% over the past 12 months.

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