Two mortgage industry analysts have modified their outlooks on Countrywide Credit Industries. One raised his opinion, and the other is cautious.

Jonathan E. Gray of Sanford C. Bernstein & Co., New York, continues to rate the stock "market perform," but cites an increase in delinquencies in the lender's production. The figure rose to 3.01% in October from 1.71% a year earlier. While the rating is not a downgrade, the report recommends caution.

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