Nike shares are already up nearly twenty percent this year, and one analyst believes the stock's run is just getting started.
On Thursday Wedbush analyst Christopher Svezia raised his target on the stock to $82 (up from $75) based on long-term growth potential. Nike closed at $74.11 on Wednesday, so Svezia's new target represents a 10.65% upside from current levels.
"[T]he company should be poised to exceed expectations throughout FY19 given accelerating growth in NA, possibly international, and gross margin tailwinds," Svezia wrote in a note to clients. "Our estimates remain ahead of consensus for the 4Q18 and FY19...Progress in NA around product and speed can also augment the sales opportunity in international markets as well."