Nike (NKE) is gaining much-needed traction.

After analysts at JP Morgan, UBS, and Truist came out with positive notes on the company, the stock is up about $9 per share over the last few days.

UBS analyst Jay Sole, for example, says North American demand is robust, and that China issues have already been priced into the stock.

Also, as reported by TheStreet.com: “JP Morgan’s Matt Boss…notes the consumer in China is responding well to incremental supply and increased marketing. Boss sees a pent-up innovation pipeline leading to ‘a strong growth foundation’ in place for fiscal year 2023. The analyst is also bullish on the outlook for margins from full-priced selling and lapping of elevated logistic expenses.”

Even Truist analysts are bullish on Nike. The firm just raised its price target to $176 from $164, with a buy rating. Truist also believes Chinese concerns have been priced into the stock.

Even better, Nike’s earnings have been solid. On March 21, the company posted Q3 2022 revenues of $10.9 billion, up 5% year over year. Direct sales were up 15% year over year to $4.6 billion, and digital sales were up 19% as gross margins jumped 100 basis points to 46.6%.

“Nike’s strong results this quarter show that our Consumer Direct Acceleration strategy is working, as we invest to achieve our growth opportunities,” said John Donahoe, President and CEO, Nike, Inc., when earnings were announced. “Fueled by deep consumer connections, compelling product innovation and an expanding digital advantage, we have the right playbook to navigate volatility and create value through our relentless drive to serve the future of sport.

In short, it appears most of the recent negativity has also been fully priced into the stock.

If the Nike stock can break above resistance around $140, it could test $150 per share shortly after. In the longer term, we’d like to see the stock again challenge $175.