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|  | DECEMBER 30, 2003
 WORD ON THE STREET Bear Stearns Ups United Auto to 'Outperform' Analyst Domenic Martilotti sees a more promising earnings outlook for the auto retailer Bear Stearns upgraded United Auto Group (UAG ) to outperform from peer perform. Analyst Domenic Martilotti says his upgrade is based on the auto retailer's more promising earnings per share outlook. He sees greater opportunities for growth in the U.K. market than he does for the U.S. market. Martilotti says this represents a unique advantage for the company over other public dealership groups that do not have any exposure in the U.K. He likes United Auto's business model, in which it's leveraged to foreign and luxury brands, both of which continue to garner market share in the U.S. market, and present additional opportunities in the U.K., given the strong relationships that United Auto enjoys with manufacturers. Martilotti has a $32 target.  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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