Russian Shares Are Upgraded at Bear Stearns on Economy, Earnings Outlook

(Bloomberg) -- Bear Stearns & Co. raised its
recommendation for Russian stocks to ``market weight'' from
``underweight'' on the outlook for the economy and earnings, and
because the country's equities look cheap.

``In 2007, global investor sentiment turned decisively
against Russia,'' analysts at the biggest broker for U.S. hedge
funds wrote in a note to clients. ``Russia's economy continues on
a robust expansion path. Investor disillusionment opened the door
to cheaper valuations,'' they said in the note dated June 12 and
released today.


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