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A new report from market researcher Susquehanna Financial Group has found that Nike is eating into the market share of adidas and retailers such as Foot Locker. Susquehanna has upgraded Nike’s shares from neutral to positive.

According to a research note to clients by Susquehanna analyst Sam Poser, Nike’s strategy of direct-to-consumer sales and trimming of excess inventory is showing signs of progress. Susquehanna has raised its price target for Nike shares from $78 to $93, matching the price target set by Piper Jaffray analyst Erinn Murphy. According to Murphy, Nike is on target to meet its revenue target of $50 billion by 2023 on the back of expansion in China and e-commerce. The Swoosh initially set the target in 2015 to be met by 2020.

Nike shares rose by 2.5 percent after the Poser’s research note was published, at one point reaching an all-time intraday high of $81.97.

Poser also noted that adidas’ share of the athletic footwear and apparel market is “rapidly decelerating.”

“Based on our proprietary checks with retailers, and with some of Nike’s competitors, it has become clear, after some concern on our end, that Nike is beginning to balance scale and scarcity well, across the spectrum of retail partners and across merchandise categories,” said Poser.

For a more detailed financial breakdown head here.

In other news, Vans and Disney have teamed up to celebrate Mickey Mouse’s 90th birthday. Read more on that here.

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