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Upgrade Lifts P&G

By Jim Cramer

 About this article:
 This Citigroup upgrade of Procter & Gamble this morning is the sort of thing that keeps propelling this market. The upgrade is totally about a feel -- a feel that P&G has religion and it will no longer screw up. Why does Citi have such conviction? Because P&G is embarrassed by its performance and doesn't want it to happen again. (I hold Procter for Action Alerts PLUS for exactly the same reason -- we believe management does have religion and that the company can take back emerging market share.) Now, when you get a touchy-feely upgrade like this of a company that's been hated, you get people to sit up and take notice, regardless of whether you think there's anything really there. Why not buy P&G? It hasn't done anything while the others have, raw costs are going down, and it's a great weak-dollar play. Voila. It's like the...

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