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|  | APRIL 1, 2005
 WORD ON THE STREET CSFB Upgrades Alliance Data Systems Analyst Paul Bartolai believes the transaction services company's improved growth in marketing will offset a slowdown in other areas of its business during 2005 CS First Boston upgrades electronic transaction services company Alliance Data Systems (ADS ) to outperform from neutral. Analyst Paul Bartolai says after following the company's impressive results over the last few years, he was concerned that growth would slow to more normalized levels during 2005 and 2006. He notes, however, given strength in marketing, favorable credit conditions, and continued momentum in utility, he now believes Alliance Data Systems will be able to continue generating solid growth into 2006. Bartolai believes improved growth in marketing will offset a slowdown in other areas of the business during 2005 (primarily transaction services and credit sales). He maintains his $1.83 2005 earnings per share estimate and $2.15 2006 earnings per share estimate.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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