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Kodak 2008 Results to Fall Short of Expectations

Standard & Poor's Equity Research analyst Erik Kolb said he was more skeptical, and renewed his "sell" opinion on Kodak shares, and slashed his price taget to $5 from $9.50.

"Though we think Kodak has made modest progress toward a more-digitally focused product line, we remain skeptical of its long-term prospects and see limited margin-growth potential," he said in a note.

Shares of Kodak closed down 61 cents, or 8.47 percent, to $6.59 on the New York Stock Exchange, after trading as low as $6.18 earlier.