Canaccord analyst Camilo Lyon said his industry contacts indicate that a resurging Adidas (ADDYY) has taken meaningful share from Nike, "to the point of causing panic internally. He believes Nike investors, who have exhibited an "extraordinary amount of patience," could perhaps see their patience wane if the company does not show progress with its "stale innovation pipeline." Nike's Q4 had red flags that clearly pointed to a significant sell-in of product, leaving "little room" for a "quality" Q1 sales beat, said Lyon, who predicts the company will post an "expense-driven beat on easy comparisons" with its report on September 26 but believes second half expectations remain far too optimistic. He keeps a Hold rating and $51 price target on Nike shares.

RBC Capital analyst Piral Dadhania raised the firm's price target on Adidas to EUR 250 from EUR 230 and keeps an Outperform rating on the shares.