NEW YORK - Gary Gordon, an analyst with PaineWebber Inc., upgraded his investment rating on Federal Home Loan Mortgage Corp. to "buy" from "attractive."

Mr. Gordon maintained his earnings forecast of $3.40 a share for 1992, but raised his 1993 estimate by 5 cents, to $4.15. He also established a 1994 earnings projection of $5 a share.

Through the first nine months of 1992, Freddie Mac posted net income of $2.49 a share.

In 1991, the agency reported earnings of $3.08 a share.

The agency, chartered by Congress and owned by shareholders, buys mortgages from lenders and resells them to investors, providing money for more lending.

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