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Goldman Upgrades Kerr-McGee

Goldman upgrades Kerr-McGee (KMG). The company says Carl Icahn and one of his funds may buy up to $1 billion in stock.

Analyst Arjun N. Murti says he is upgrading Kerr McGee to in-line from underperform on news Carl C. Icahn and Icahn Partners Master Fund LP each may acquire $100 million to $500 million of Kerr McGee stock for a total of up to $1 billion.

He says he's not had any talks with Mr. Icahn or his group. Nor has Kerr McGee, according to its press release. But he thinks a potential investment by Mr. Icahn and his group will send an undeniable signal to market that probabilities have significantly grown that Kerr McGee will take necessary steps to ensure shareholder value is being maximized.

Murti keeps his $6.60 2005 earnings per share and $7.60 2006 earnings per share estimates.

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