BofA/Merrill analyst Robert Ohmes raised his price target on Nike shares to $70 from $60, but maintained an Underperform rating on the stock ahead of the company's Q4 earnings report this Thursday. The analyst believes Nike's Q4 revenue upside should be limited, citing FX comparisons, difficult EMEA comparisons against "last year's World Cup sell-in," a more challenging growth comparison in Greater China, and the "most challenging North America revenue comparison" since Q3 of 2017. The analyst noted that the raised $70 price target reflects a 19x-20x price/earnings rolled out to the firm's FY21 estimated EPS of $3.60.