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Lehman Upgrades Eastman Kodak

Lehman Upgrades imaging products company Eastman Kodak (EK) to equal-weight.

Analyst Caroline Sabbagha says he is upgrading from underweight.

She notes news Antonio Perez will assume post of CEO makes her more confident in her view that Eastman Kodak is now willing to consider some more aggressive options for dealing with its declining traditional businesses, and some of its money-losing new technology businesses.

Sabbagha says her new price target of $28 (raised from $24) assumes an 11 times multiple on her $2.50 2006 earnings per share estimate. She notes she's using a slightly higher multiple than previously (10 times) due to her belief in this more aggressive approach toward taking out costs.

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