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Morgan Stanley Ups Fidelity National to 'Equal-Weight'

Morgan Stanley upgraded Fidelity National Financial (FNF) to equal-weight from underweight.

Analyst Kenneth Posner says his upgrade of the insurance company is based on improved upside to his new $38 price target. He notes Fidelity's shares are down 16% from their $35 52-week high in mid-July, when rising interest rates began to cool enthusiasm for the title business and when it began to dawn on investors that the company's recent acquisitions might lead to shareholder dilution.

Posner sees $4.27 2003 earnings per share, $5.73 earnings per share for 2004, and $3.34 for 2005.

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