BofA/Merrill analyst Robert Ohmes upgraded Nike (NKE) to Neutral with a price target of $98, saying that he expects the "accelerated democratization" of the brand to offset the broader future challenges around "significant" third-party retail store closures and global stagnation in "performance" footwear/apparel. The analyst notes that while Adidas (ADDYY) is resurging as a global competitor, he sees the decline in consensus estimates for Nike as having ended and anticipates some Q1 earnings upside from the company's "less technical "Sportswear" businesses".