Regardless of which company wins the fight for Great Western Financial Corp., Morgan Stanley's thrift analyst believes shares of both H.F. Ahmanson & Co. and Washington Mutual Inc. are worth buying.

On Wednesday Morgan Stanley analyst Kenneth A. Posner upgraded both Ahmanson and Washington Mutual to "strong buy" from "outperform." He set target prices of $46 for Ahmanson and $60 for Washington Mutual.

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