We are upbeat about shares of Nike (NKE), a leading global manufacturer of products for sports and recreation. The company continues to deliver strong financial results. According to the financial report for Q4 2015, quarterly revenue rose by 4.8% y-o-y to USD 7.78 bn (analysts expected this metric to increase to USD 7.69 bn), while adjusted EPS jumped by 25.6% y-o-y to USD 0.98, outpacing the consensus of USD 0.83. Sales in China were up 18% and became a revenue growth driver, while orders for delivery in June-November (future sales) climbed 20%. Sales in North America, major market for Nike, grew 13%, and orders jumped 13%. Total orders for delivery in June-November rose 13% adjusted for the effect of exchange rate changes. The number of stores operated by the company increased from 768 to 832. Notably, the company continues to allocate substantial funds for shareholder payments. Nike bought back 6.8 mn shares worth USD 678 mn as part of a buyback program totaling USD 8 bn launched in September 2012. QuarterlydividendamountedtoUSD 28 (+17% y-o-y), yielding 1.0%.We believe that a strong global portfolio of Nike’s brands, constant focus on creation of innovative products and expansion into new markets (especially the Chinese market), as well as good management and strict cost control will allow the company to continue to show steady financial growth despite continuing headwinds in the global economy.We left our target price for Nike’s shares unchanged at USD 118 and confirm a Buy recommendation in the mid-term. The short-term technical target is USD 113.