Here's what analysts are saying about Nike's lukewarm earnings report

Shares of Nike opened down more than 4% Wednesday after the company reported a profit of $0.57 per share, exceeding Wall Street expectations of $0.48.

But the athletic apparel retailer's quarterly revenue was $9.07 billion, just shy of the $9.09 billion expected by analysts.

Morgan Stanley analyst Jay Sole said in a note that this quarter was merely a punt, and that "touchdowns will come" in the next year.

"We're actually more bullish on the stock today because of other Q1 developments," said Sole, reiterating the bank's overweight rating and $62 price target. "We see an excellent "buy low" opportunity now."

Other analysts weren't quite as bullish.

Jefferies analyst Randal Konik lowered his price target for Nike shares to $48 from $49, saying the company's "valuation remains high" and that "wholesale exposure problems remain."

In a statement following the earnings report, Nike chairman, president, and CEO Mark Parker said the that fiscal 2018 would "ignite Nike's next horizon of global growth" - and most analysts remain optimistic.

"We maintain our Perform rating on Nike," Oppenheimer said in a note, although they expressed some reservations. "While it's no doubt a 'blue chip' company with industry-leading return on invested capital (25%+) and strong balance sheet, North America (46% of NKE's sales) is decelerating, and Adidas now leading marketplace growth threatens NKE's dominant footwear market share."

Wall Street now has an average price target for the stock of $59.12, more than 14% higher than where shares were trading Wednesday morning.