Analysts are beginning to warm to First Union Corp. again.

Deutsche Banc Alex. Brown on Thursday upgraded the stock to "buy" from "market perform," while analysts at American Banker's quarterly roundtable noted its shares trade at a discount to Bank One Corp. of Chicago in its price-to-earnings multiple, even though First Union has made comparable progress in restructuring its business. (A transcript of the session will appear in an upcoming issue.) George A. Bicher, an analyst at Alex. Brown, said the restructuring had "inoculated the company against asset quality erosion."

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