We are upbeat about the shares of Nike (NKE), one of the world's leading manufacturers of sports and recreation products. The company recently released a strong financial report for Q4 2015. Revenue increased by 4.8% y-o-y to USD 7.78 bn (analysts expected USD 7.69 bn), while adjusted EPS jumped by 25.6% y-o-y to USD 0.98, outstripping the consensus of USD 0.83. Sales in North America, the largest market for Nike, rose by 13%, while the volume of orders for the company's products for delivery in June-November (indicator of future sales) was up 13%. The Chinese division also demonstrated robust results, as sales rose 18%, while orders spiked 20%. Total orders for delivery in June-November adjusted for the effect of FX rate changes climbed 13%. This figure was also better than expected (analysts expected an increase of 9.9%). The number of stores operated by the company increased from 768 to 832 over the year.Notably, the company continues to allocate substantial funds for payments to its shareholders. Nike bought back 6.8 mn of its shares worth USD 678 mn in the reporting quarter as part of a buyback program totaling USD 8 bn, launched in September 2012. Quarterly dividend amounted to 28 cents (+17% y-o-y), implying a 1.0% dividend yield. We believe that strong global portfolio of brands, constant focus on innovative products and expansion into new markets, as well as good management and strict cost control will allow the company to further demonstrate steady financial growth despite headwinds in the global economy.We raised our target price for the name to USD 118 and confirm a Buy recommendation in the mid-term. The short-term technical target is USD 113.