Morgan Stanley analyst Kimberly Greenberger, in an earning preview note partially titled "Don 't Let 1Q Fool You," said Nike's first quarter could be its most challenging of the fiscal year given foreign exchange headwinds, difficult comparisons and a ramp up in strategic transformation investments. However, she expects these potential headwinds to fade and predicts management will reiterate FY20 targets when Nike reports. Greenberger, who expects "impressive" constant currency revenue growth in Q1, thinks ramping innovation should yield acceleration, particularly as the Tokyo 2020 Olympics approach. She keeps an Overweight rating and $108 price target on Nike shares.