DB Alex Brown upgraded Gillette Co. (G

) to buy from market perform.

Analyst Andrew Shore says he recently met with new CEO Jim Kilts, and says he challenged Mr. Kilts on most major points. Shore says he thinks Kilts is a quick study and is extremely impressive. He sees $1.00 2001 EPS, and $1.10 EPS in 2002. Shore also sees an attractive trading opportunity with a target around $34. He thinks Gillette could turn out to be an investment instead of just a trading opportunity, but he would need to see earnings catch up with valuation.

Shore says turnanound stories usually hit levels of overvaluation before returning to fair value; he thinks this is likely to happen with Gillette.