UPDATE: Citi Raises PT on Nike to $98

Citi is out with its report today on Nike NKE, raising its PT from $95 to $98. In a note to clients, Citi writes, "NKE guided basically the same FY12 guidance when we last heard from mgt in March. Rev +HSD-LDD w/ 1Q revenue growth below futures growth +12%; gross margins -300bps 1Q & --100bps FY w/ higher input costs/air freight impacting 1H and improving gross margin 2H, & FY SG&A growth ~+HSD-LDD. We are reducing our FY12 EPS ests to $4.85, down from $4.88, based on slightly higher inflation costs, but raising FY13E to $5.78, from $5.62, and hence our target price is raised to $98, based on strong top line, easier compares and higher prices." Citi maintains Buy on NKE. Shares of NKE closed Tuesday at $89.90, up 10.14% from Monday's close.