Nike's Stock Runs Up After Analyst Upgrade

Nike Inc.'s stock ran up 3.3% in premarket trade Wednesday, boosted by an upgrade at Susquehanna Financial Group analyst Christopher Svezia, who said the athletic apparel maker's shares look attractive after the recent selloff. Svezia raised his rating to positive from neutral, and listed his stock price target to $122--18% above Tuesday's closing price--from $103. The stock has slumped 11% since its Aug. 5 record close of $116.75, in line with the drop in the Dow Jones Industrial Average over the same time. He said growth in key regions such as North America and Western Europe is continuing, with a potential turn in emerging markets. As for China, Svezia said demand remains "robust" with near-term concerns getting priced in. "Global investments are leveraging and should set the stage for top- and bottom-line outperformance in the next 12-18 months," Svezia wrote in a note to clients.