shapecharge/iStock via Getty Images Nike (NKE +4.9%) is the biggest gainer in the S&P 500 Index with some support from Wall Street analysts on the setup for the athletic apparel giant. UBS said it was very bullish on Nike (NYSE:NKE) after meeting with management. The firm reiterated a Buy rating and price target of $173 as it tamped down concerns over the impact of COVID in China. Analyst Jay Sole: "We believe North America demand remains very strong, particularly in digital channels, and Nike's inventory levels are lean. Plus, Nike's manufacturing partners have likely returned to high capacity utilization rates. While China lockdowns have likely had an impact on sales and supply chain transportation issues probably remain problematic, we think these are contemplated in Nike's guidance. JPMorgan also weighed in favorably on the Swoosh, noting Nike (NKE) management is encouraged by fundamental momentum underway in the China business driven off solid consumer response to incremental supply in high-heat product and increased marketing. The firm doubled down on its bullish view as well by reiterating an Overweight rating. Nike (NKE) has underperformed the S&P 500 Index this year due in part to concerns over the impact in China of COVID shutdowns on manufacturing and sales.