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CS First Boston Upgrades Georgia Gulf

CS First Boston upgrades Georgia Gulf (GGC) to outperform from neutral.

Analyst William Young raised his $6.75 annually peak GGC earnings-per-share estimate to $7.50, and his $51 12-month target to $64. He says the outlook for the commodity cycle--especially in chloralkali, PVC, and phenol/acetone chains--continues to look very healthy.

Young notes that capacity growth is minimal over the next two to three years, and it's likely to be less than originally expected. A delay in the planned start-up of some PVC-capacity expansions in China is one key factor. He says there no signs of any slowdown in demand for chemical products in North America or China.

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