Core Viewpoint - Analysts are becoming more bullish on Nike ahead of its earnings report, primarily driven by the upcoming FIFA World Cup, which is expected to significantly boost sales [2][3][4]. Group 1: Analyst Upgrades and Price Targets - RBC upgraded Nike to "outperform" from "sector perform" with a new price target of $90, up from $76, citing a steeper revenue recovery than market estimates [2]. - Barclays raised its price target for Nike to $65 from $64, indicating expectations for better-than-expected Q1 earnings [5]. - Citi increased its price target to $74 from $68 while maintaining a neutral rating, anticipating stronger Q1 earnings due to improved sales and reduced spending [6]. Group 2: FIFA World Cup Impact - Nike is the kit sponsor for several national teams and popular players in the FIFA World Cup, with expected sales of $1.3 billion from the event [3]. - The company may release special limited edition merchandise for the World Cup, which historically sells well [4]. - The World Cup is seen as a timely catalyst for Nike's turnaround strategy, which has been a focus for investors [7]. Group 3: Market Performance and Investor Sentiment - Nike shares have increased nearly 40% since April but remain down about 4% year-to-date, indicating mixed investor sentiment [7]. - Analysts express caution regarding the lack of clarity on the recovery of Nike's basketball and sportswear sales, despite the positive outlook from the World Cup [7].