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Short Take: PaineWebber upgrades DEC stock

PaineWebber upgraded its rating of Digital Equipment stock to "buy" from "attractive." Analyst Stephen Smith said he was raising the 12- to 18-month price target on the stock to $70 from the $60-$65 range, based in part on Digital's recent deal with Intel, which he said "will clearly further strengthen DEC's balance sheet significantly."

PaineWebber upgraded its rating of Digital Equipment stock to "buy" from "attractive." Analyst Stephen Smith said he was raising the 12- to 18-month price target on the stock to $70 from the $60-$65 range, based in part on Digital's recent deal with Intel, which he said "will clearly further strengthen DEC's balance sheet significantly."