Nike (NKE: sentiment, chart, options) shares are up more than 2% this afternoon after Credit Suisse lifted its price target from $75 to $85. The new target represents a premium of nearly 29% to the stock's closing price Tuesday. Analyst Omar Saad justified the increased target by noting that NKE is extremely well-positioned to benefit from an expected shift in consumption growth over the next decade. Specifically, Saad expects China to spur most of the global consumption during the next 10 years.

In a note to clients, the analyst stated that "... international sales momentum, margin trends, currency, inventories, plus the upcoming Olympics are all working together to create the necessary conditions for Nike to keep posting positive earnings surprises, something few other U.S. retail stocks can do." Saad underscored his bullish comment by reiterating his "outperform" rating on NKE.

In today's session, NKE's call options are experiencing some notable volume. The June 70 call has seen 4,136 contracts cross the tape on open interest of 4,906, while the June 75 call has traded volume of 2,177 on open interest of 2,371. Overall, option traders are skeptically aligned toward the athletic-apparel firm. NKE's Schaeffer's put/call open interest ratio of 1.08 ranks higher than three-quarters of comparable readings taken during the past year.