Oppenheimer analyst Brian Nagel upgraded Nike to Outperform from Perform with a $90 price target after re-launching coverage of the name. The shares closed yesterday down $1.02 to $76.48. Nike represents an "already dominant, legacy global brand that is now aggressively embracing the power of digital to enhance most facets of its business," Nagel tells investors in a research note. The analyst, who admits his call on the stock is longer term in nature and not necessarily pegged to near-term data points, says Nike's sales trends over the past several quarters have "rebounded meaningfully" as its internal initiatives started to take hold and industry pressures eased. He's optimistic that Nike and the broader athletic group are now "through recent woes," and he views management's guidance for upper single-digit sales growth as at least achievable.