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UBS Warburg Upgrades Clorox to 'Buy'


UBS Warburg raised Clorox (CLX) to buy; lifted the U.S. household products sector to overweight from sector weight; and upgraded Proctor & Gamble (PG) and Gillette (G) to strong buy.

Analyst Andrew McQuilling says the household products sector has seen meaningful price declines over the past two months; bringing absolute values to compelling levels. He says the positive sector fundamentals are intact.

McQuilling notes volumes are healthy; raw material costs appear benign; competitive pressures remain limited; and the recent Euro/Yen strength is positive. He thinks June results, and the outlook for the remainder of 2002, are most positive for P&G and Gillette.

McQuilling thinks Clorox appears to have an attractive risk/reward ahead of its expected strong June results.


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