POLAROID <PRD> UP ON REAFFIRMED OPINION Shares of Polaroid Corp rose following a reiterated recommendation by Merrill Lynch and Co that focused on strong earnings momentum for the company, traders said. "We have been recommending the stock since it was in the 50s, but we reiterated today because of expectations of strong earnings momentum, its benefits from the lower dollar and anticipation of nice gains in margins," Merrill Lynch analyst Charles Ryan said. He said a negative opinion by another brokerage house hurt the stock Wednesday, and it can be bought at a relatively bargain price today. Ryan said "you always have to look at Polaroid at its weakness. Its a volatile stock that has to be caught on weakness." Polaroid's stock, which gained more than a point early this morning, was trading at 76-1/8, up 5/8. It was down over three points Wednesday morning before closing down 7/8. "Polaroid is working overtime on production of cameras and film, so we expect first quarter earnings to be up about 40 pct," Ryan said, estimating earnings of 70 cts a share in the first quarter compared to 52 cts a share earned a year earlier. He expects the company to earn four dlrs a share in 1987 as compared to 3.34 dlrs a share last year.