NEW YORK (CNN/Money) - Two years ago, many investors were ready to write off Eastman Kodak.

The company was struggling to hold onto the lead in the conventional film business and making just a half-hearted attempt to latch onto the digital photography trend. Kodak (Research) was at risk of becoming a corporate dinosaur.

But Kodak escaped the fate of extinction.

In September 2003, the Rochester, N.Y.-based company unveiled an aggressive plan to both capture a big chunk of the digital photography market and pare back its exposure to the declining film business.

Kodak slashed its dividend and vowed to invest in more rapidly growing areas such as digital photography and medical imaging. The move did not please Wall Street at first. Shares plunged to a 20-year low after the company announced the dividend cut.

But Kodak's new focus seems to be paying off. The company recently overtook Olympus to capture second place in the U.S. digital camera market, according to tech research firm IDC, and is now close on the heels of No. 1 Sony.

Investors have taken notice as well. Shares of Kodak have run up 30 percent since the start of the year.

But the challenge for Kodak is to maintain this momentum. There are also concerns about whether the company can generate enough profits from items like photo paper and printing ink, which it will need to do since Kodak plans to continue selling its cameras at or near the break even point.

So are shares of Kodak still worth a look? Find out in our Stock Spotlight.