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Article: Wells Fargo Securities Initiating Coverage on Brown Shoe Company With Buy Rating.
- Article from:
- PR Newswire
- Article date:
- December 19, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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John Shanley, athletic footwear analyst at Wells Fargo Securities, has initiated coverage on the shares of Brown Shoe Company with a Buy rating and price target of $33.00.
Below are direct quotations from Mr. Shanley's research report:
* We are initiating research coverage on Brown Shoe Company, Inc. with a
Buy rating and 12-month price target of $33.00, or 12x (a premium above
the industry average P/E of 9.7x) our FY03 EPS estimate of $2.75. Our
investment thesis is based on the significant gains that the company has
recently achieved in both its top- and bottom-line results during FY02
and the potential of continued strength that we ...
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