Nike rises; Argus Research upgrades to 'buy'

Shares of Nike NKE.N gain as much as 3.9% to $73.83 in early trade

Argus Research upgrades stock to "buy" from "hold"; sets a PT of $85, a near 20% upside to the last close

Expect Nike to build on its dominant position through its globally recognized brand, innovative products, economies of scale, and rapid growth in emerging markets - brokerage

Nike shares surged 13.3% on Friday as an encouraging forecast on the back of its turnaround effort and plans to reduce China production for U.S.-bound goods bolstered investor confidence

Average rating of 40 analysts is "buy"; with a median PT of $72.95 - data compiled by LSEG

Up to last close, stock has fallen ~6% YTD