NIKE NKE Message Board - Msg: 17232646

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Non-Tech : NIKE NKE

NKE 65.86

+0.3%

Dec 5 9:30 AM EST

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To: Jack Hartmann who started this subject	3/22/2002 11:23:06 AM
From: Jack Hartmann	of 66

GS on NKE NKE remains MO.Nike reported F3Q02 EPS of 46c vs our/cons 45c and 35c LY.Nike is executing on many fronts:Gross margin,SG&A,inventory,sales,and futures are all moving in the right direction.We think Nike is becoming a better managed company capable of generating significant free cash flow ($380m E in F02)that can be invested in the business or returned to shareholders.We are raising our F02 EPS to $2.43 from $2.41 reflecting better 4Q.F03 est remains $2.80 (excl 5c gdwill)which we think will be a good result for Nike to achieve.We view $2.80 as achievable but think it could be difficult for Nike to exceed given the maturity of Nike ’s business.We reiterate our $70 price target. Jack

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