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To: aniela who wrote (47747)4/17/2003 7:51:02 AM
From: Ron McKinnon  Read Replies (2) | Respond to of 53068
 
07:16 ET Lehman upgrades Williams, El Paso
Lehman upgrades WMB to Overweight from Underweight based on firming liquidity, restoration of earnings power, and a recovery in debt ratins; believes recent news flow surrounding asset sales (partial sale of trading book, Texas Gas) and resolution of major litigation (FERC, CA exposure) have created a floor under shares. Target is $8. Firm also upgrades EP to Overweight from Underweight and raises price target to $9 from $6, saying the co's new $3 bln credit facility and new costs cuts tilt the co towards free cash flow