Goldman Sachs Previews Nike's Earnings

Goldman Sachs has a Neutral rating and a $85 price target on shares of Nike NKE, as it previews Nike earnings. In a note to clients, Goldman writes, "NKE reports F4Q11 EPS on June 27th and hosts an investor day on June 28th. We are above consensus for the quarter ($1.21 vs. FirstCall consensus of $1.16) and believe trends in the US may accelerate. However, we expect still subdued gross profit growth and risk to 2012 consensus ($4.71 vs. FC $4.79) to offset these positives and mute near-term stock performance." Shares of NKE gained $2.12 yesterday to close at $83.23, a gain of 2.6%.