Workers install a Nike logo lamp outside the Wukesong Arena in Beijing, August 28, 2019.
Goldman Sachs upgraded Nike on Thursday and said it saw the company as a "unique asset" with China as a "key driver of growth."
The firm upgraded the company to buy from neutral and added the stock to its conviction buy list. Goldman also raised its price target to $112 from $95.
Shares of Nike are up 1.94% to $94.54 in early trading.
"We believe Nike is on the cusp of a sharp acceleration in EPS growth," Goldman Sachs analyst Alexandra Walvis said. The firm also said it sees earnings growing 19% annually over the next 3 years and that China should help accelerate that growth at "almost 3x the rate of other regions."