Sterne Agee Raises Nike Estimates; PT Goes To $100

Sterne Agee is raising its Nike, Inc. NKE'11 and '12 estimates from $4.55/$5.08 to $4.69/$5.13. “In accordance with our estimate revision and the re-pricing of risk in the market, we are raising our price target to $100 (17x '12 EPS ex-cash),” Sterne Agee writes. “NKE remains a compelling long-term story, and despite its enormous scale, there are still meaningful sales and margin growth opportunities. Substantial intermediate-term growth in China/emerging markets can contribute up to 5% to sales growth and 15-25 bps of EBIT accretion per annum.” Nike currently trades at $87.84.