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Deutsche Bank Upgrades Kodak to 'Buy'

Deutsche Bank upgraded Eastman Kodak (EK) to buy from hold.

Analyst Peter Ausnit says the upgrade is based on the company's improving analog to digital consumer photo strategy, expectations for a solid fourth quarter and upbeat 2003 guidance on Jan. 22, a 5% dividend yield, and better long-term Health Imaging margins.

Ausnit notes new discount cash flow assumptions compelled him to raise his $35 target to $45. He also says the new "Perfect Touch" (PT) processing digitally improves prints, and Kodak expects about 25% of consumers to choose PT, which could generate incremental revenues of $75 million to 80 million. He says PT adds credibility to its consumer digital photo strategy.

Ausnit sees $2.81 2002 earnings per share, and $2.89 for 2003.

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