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Jim Cramer: How the Dow Will Fare in 2014, Part 3

Note: This is a three-part article. Please see part one and part two.

NEW YORK (Real Money) -- Here are my last 10 forecasts for how stocks in the Dow Jones Industrial Average will perform next year. See my first 20 predictions here and here.

21. Nike (NKE) had a fabulous quarter, but the Chinese futures orders weren't strong enough, and neither was the company's spending for the future. I think the company's China segment will turn on the strength of its economy, and that the U.S. and Western Europe will stay strong. I was surprised that China didn't roar, but I also know that Nike is a counterintuitive stock: You have to buy when a number is awry, because Nike's management has a very positive habit of fixing what goes wrong, and fixing it quickly.

It wouldn't be a stretch to see this stock sell at a super premium multiple on a number north of the $3-per-share consensus, and for the stock to rise to $85. That would make it the most expensive stock in the Dow, but it isn't as if the company missed on the top or bottom line -- and I think it will only do better as the year progresses.

22. Pfizer (PFE)? I don't know. This company has done pretty much everything it can to avoid really getting crushed by the patent cliff. But, unlike Merck (MRK), another drug company with no growth, I don't know what Pfizer can do for an encore after its 31% gain this year. Here's one that I think will tread water next year, and I believe it would be hard pressed to go above $34 unless the company reveals a blockbuster drug that no one knows it has, which I regard as unlikely. I just think it will be one of the bigger blahs of the Dow. Then again, it has a decent dividend and a pro-shareholder management, so maybe it has something up its sleeve that I can't see.

23. Procter & Gamble (PG). I don't think the U.S. is going to have a stop-start economy this year. To me, that 4% growth in gross domestic product is more of a beginning than a coda. So lots of people will continue to bail out of P&G, as they did at the end of the fourth quarter of 2013. I think they will be wrong. A.G. Lafley has come back to make changes, not to be a caretaker, and I think this is the year he'll do so. Frankly, P&G is too big and too layered, and even though Bob McDonald was starting to make headway with the overhead before he was sacked, there is much heavy lifting to do -- too much if the company isn't split up.

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