With sustainable high-teens earnings-per-share growth, no matter what the cycle, we think a market multiple significantly undervalues this excellent retailer.
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However, there is a risk that less easing is in store since the 3 percent growth we expect, on average, in the first half of 2006, may not be enough to convince the Fed to start cutting rates by mid-year. Thus there is a risk that the yield curve remains inverted for longer than we have built into our forecast.
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