Credit Suisse First Boston yesterday increased its 12-month price target and earnings forecast for Nike Inc., citing its belief that the US athletic footwear and apparel sector is headed for an upturn.

CSFB analyst Dennis Rosenberg raised his 12-month price target on Nike to $70 from $60, and his third quarter earnings estimate to 46 cents from 43 cents per share. He also raised his fiscal 2002 estimate to $2.44 from $2.41, and to $2.83 from $2.75 in fiscal 2003.

Rosenberg based his projections on his belief that the athletic footwear and apparel industry is in the early stages of a positive cycle, based on the relative strength in basketball shoes, focus by the major vendors on growing women's apparel sales, and the recent shift in men's fashion toward activewear.