Pointer analysis is traditionally performed once, early in the compilation process, upon an intermediate representation (IR) with source-code semantics. However, performing pointer analysis only once at this level imposes a phase-ordering constraint, causing alias information to become stale after subsequent code transformations. Moreover, high-level pointer analysis cannot be used at link time or run time, where the source code is unavailable. This paper advocates performing pointer analysis on a low-level intermediate representation. We present the first context-sensitive and partially flow-sensitive points-to analysis designed to operate at the assembly level. As we will demonstrate, low-level pointer analysis can be as accurate as high-level analysis. Additionally, our low-level pointer analysis also enables a quantitative comparison of propagating high-level pointer analysis results through subsequent code transformations, versus recomputing them at the low level. We show that, for C programs, the former practice is considerably less accurate than the latter.