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Nike shares on track to hit record

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On Friday,Shares of Nike surged 12% and they were ready to set to open at a record high after the sportswear giant forecast full-year sales of more than $50 billion riding on pent for sneaker and athletic gear from the U.S. shoppers.

A rapid vaccination drive and the easing of restrictions in Europe and the United States have encouraged people to go on a shopping spree.

The strong momentum in Nike’s brand globally is more than offsetting pressure in China and supply chain constraints.

Still, analysts are optimistic of a swift demand rebound in the region as company executives noted that sales trends in China for June were already reaching 2020 levels.

13 brokerages raised their price targets, with Stifel’s $213 target the highest on the Street. The median target is $175,they were trading at $152.10, after hitting an all-time high of $154.18 earlier. The jump also helped push the S&P 500 index to a record high, while lifting shares of German peers Adidas and Puma about 6% and 2%, respectively.

They are the largest sport brand there,” Nike Chief Executive John Donahoe said on Thursday. “They are a brand of China and for China.”

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