Nike’s flying high.
Two Wall Street analysts raised their rating on the sneaker giant on Monday — sending the Swoosh-meister’s shares to an all-time high.
Shares of the Beaverton, Oregon, company jumped 3.1 percent, to $82.18.
“Our proprietary checks indicate new product is selling well at regular price and the product that is expected to hit stores over the balance of the year is creating excitement,” wrote Susquehanna Financial analyst Sam Poser in a research note — raising his outlook to positive from neutral.
At the same time, Piper Jaffray analyst Erinn Murphy raised her rating to overweight from neutral, citing an “extremely healthy” athletic shoe market.
After three straight quarters of revenue declines in North America, Nike posted a 3 percent gain in the most recent quarter ended in May.
Poser now thinks Nike is grabbing market share from Adidas — which grew 16 percent in North America in the most recent quarter — and that stores like Foot Locker are “recognizing that Nike’s new product is taking share from Adidas.”
Among the winning products are the Air Max 270 and the Air Vapormax 95, which sold out at Hibbett Sports in less than 20 minutes at $190, according to Poser.
Nike apparel is also on a tear — growing 5.7 percent in the last quarter — taking share away from Under Armour, Poser said.
The analyst had been among the most critical of Nike when reports surfaced about inappropriate behavior by senior executives against women at the company, resulting in top officers being fired and increased turnover overall.