Eastman Kodak is headed for oblivion-or so you'd conclude from the degree of distaste Wall Street continues to feel for the stock. Few analysts recommend buying the photography pioneer's shares, which trade for about a third of their 1997 peak. The reasons for the investor jitters are obvious: The widespread adoption of digital photography has resulted in the rapid deterioration of the film business on which Kodak has long relied. Film sales are sliding at a roughly 20 percent annual rate industrywide, and there is scant reason to expect the trend will ever reverse. Clearly, there is widespread skepticism that Kodak can expand its digital business fast enough to make up for the slide in its conventional photography segment.
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