Nike advances following JPMorgan upgrade

Nike (NKE) is climbing after JPMorgan analyst Matthew Boss upgraded the stock to Overweight from Neutral in a note to investors earlier today. Nike's revenue is poised to rise as a result of strong upcoming products and an expansion of the footwear maker's e-commerce initiative over the next several years, Boss wrote. Meanwhile, margin increases should help the company increase its earnings per share to $4-$5 by fiscal 2016, representing an increase of about 50% over three years, the analyst predicted. Boss is more confident about Nike's outlook after meeting with its CFO recently and he raised his price target on the shares to $64 from $50. In early trading, Nike rose 34c, or 0.6%, to $54.92.