Lehman reiterates buy on Reebok (RBK).
Analyst Robert Drbul says the company will host investor day on June 13 at its headquarters in Massachusetts. S&P sees this being a highly informative event as investors get a chance to view back-to-school and early spring 2003 product lines as well as hear management presentations.
He says, importantly, investors will be able to interact with several key executives who are either new to the company or serving in new capacities. He notes Reebok is currently the cheapest name in the footwear group, having declined 30% from its 52-week high, more than 8% in last month. At current levels, he believes shares offer an attractive risk/reward ratio.