Nikeshares rose 7 percent Tuesday, after sprinting past most Wall Street expectations for the fourth quarter.
Sterne Agee & Leach's Sam Poser pointed to better-than-expected revenue growth in North America, on top of strong growth overseas.
Nike announced that revenue in North America, its largest market, increased 22 percent to $2.1 billion. Revenue in China, its second-largest market, rose 21 percent. Emerging markets experienced 25 percent revenue growth.
"Given the strong product innovation and athletic trends in the industry, as well as the upcoming events such as the London Olympics and European Championships, we believe Nike's future growth should continue in the double digits and remain solid in the coming quarters," Poser wrote.
The analyst maintained a "buy" rating and $100 price target.
Baird's Mitch Kummetz raised Nike's price target to $92 from $90. Nike's dominant position in the industry has been an advantage in securing developing markets such as Brazil, China and Russia, Kummetz said.
Nike reported it earned $1.24 per share on revenue of $5.77 billion after the market closed Monday. This exceeded the $1.16 per share on revenue of $5.53 billion that analysts polled by FactSet expected.
While it is difficult for a company as large as Nike to find new ways to grow, Kummetz says the company has an underdeveloped company-owned retail platform that should become a bigger business in the future. He reaffirmed his "outperform" rating.
Over the past year, Nike's stock has traded between $66.34 and $92.49. Click here for the latest Nike quotes.