Wells Fargo Van Kasper Initiating Coverage on The Timberland Company With Buy Rating

Apr 11, 2001, 01:00 ET from Wells Fargo Van Kasper

    SAN FRANCISCO, April 11 /PRNewswire/ -- John J. Shanley, Footwear and
 Athletic Industries Analyst at Wells Fargo Van Kasper, is initiating coverage
 on the shares of The Timberland Company (NYSE:   TBL $49.05) with a Buy rating.
 
     Below are quotations from Mr. Shanley's research report:
 
     -- We are initiating coverage on The Timberland Company with a Buy rating
        and a 12-month price target of $70.00, or 17.1x our FY02 EPS estimate
        of $4.10.
     -- Timberland is the leading "brown shoe" brand in the U.S., and its
        significant international growth prospects lead us to conclude that the
        brand could attain a similar strong presence in its major overseas
        markets, particularly in Europe.
     -- The company's growth momentum in all three of its major business
        segments--U.S. wholesale, U.S. retail, and international-has
        consistently produced stellar top-line and operating-performance growth
        rates for 18 straight quarters, a trend that we believe the company
        will continue to maintain well into CY02.
     -- We also believe that collectively the company's new merchandising and
        brand development initiatives-Mountain Athletics, Timberland PRO, and
        the recently acquired Timberland operations in Asia, including retail
        and wholesale-will allow the company's overall top- and bottom-line
        growth momentum to continue well past the time horizon of this research
        report.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in San
 Francisco, Fresno, Los Angeles, San Diego, Newport Beach, San Jose,
 Sacramento, and Walnut Creek, California, as well as Salt Lake City, Utah,
 Portland, Oregon, Phoenix, Arizona and New York City, New York.
     Investments made through Wells Fargo Van Kasper: (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates; (3)
 are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 

SOURCE Wells Fargo Van Kasper
    SAN FRANCISCO, April 11 /PRNewswire/ -- John J. Shanley, Footwear and
 Athletic Industries Analyst at Wells Fargo Van Kasper, is initiating coverage
 on the shares of The Timberland Company (NYSE:   TBL $49.05) with a Buy rating.
 
     Below are quotations from Mr. Shanley's research report:
 
     -- We are initiating coverage on The Timberland Company with a Buy rating
        and a 12-month price target of $70.00, or 17.1x our FY02 EPS estimate
        of $4.10.
     -- Timberland is the leading "brown shoe" brand in the U.S., and its
        significant international growth prospects lead us to conclude that the
        brand could attain a similar strong presence in its major overseas
        markets, particularly in Europe.
     -- The company's growth momentum in all three of its major business
        segments--U.S. wholesale, U.S. retail, and international-has
        consistently produced stellar top-line and operating-performance growth
        rates for 18 straight quarters, a trend that we believe the company
        will continue to maintain well into CY02.
     -- We also believe that collectively the company's new merchandising and
        brand development initiatives-Mountain Athletics, Timberland PRO, and
        the recently acquired Timberland operations in Asia, including retail
        and wholesale-will allow the company's overall top- and bottom-line
        growth momentum to continue well past the time horizon of this research
        report.
 
     Wells Fargo Van Kasper is a private brokerage and investment banking firm.
 Since its founding in 1978 as Van Kasper & Company, the firm has been
 providing exceptional services and original investment advice to a select
 group of investors and businesses. The firm's offices are located in San
 Francisco, Fresno, Los Angeles, San Diego, Newport Beach, San Jose,
 Sacramento, and Walnut Creek, California, as well as Salt Lake City, Utah,
 Portland, Oregon, Phoenix, Arizona and New York City, New York.
     Investments made through Wells Fargo Van Kasper: (1) are not insured by
 the FDIC; (2) are not deposits or other obligations of, or guaranteed by,
 Wells Fargo Van Kasper, Wells Fargo & Company or any of its affiliates; (3)
 are not guaranteed by any Federal governmental agency (excluding U.S.
 Government and federal agency securities); and (4) are subject to investment
 risks, including possible loss of principal amount invested.
     The study on these pages is not a complete analysis of every material fact
 regarding any company, industry or security. The opinions expressed herein
 reflect the judgment of the author at this date and are subject to change
 without notice. Facts have been obtained from sources considered reliable, but
 are not guaranteed. Wells Fargo Van Kasper, its directors and employees and
 their families may have a position in the securities of the companies
 described herein, and may make purchases or sales while this report is in
 circulation. Additional information is available upon request.
     Wells Fargo Van Kasper is a member of the National Association of
 Securities Dealers, CRD number 7665.
 
 SOURCE  Wells Fargo Van Kasper