Wachovia Downgrades Orthofix International N.V. (OFIX) to Underperform
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Wachovia downgrades Orthofix International N.V. (Nasdaq: OFIX) to Underperform. Valuation Range: $15 to $16.
Wachovia analyst says, "Our downgrade is driven by the following: (1) EPS estimates look difficult to meet, particularly in H2 2009, (2) the transition from Trinity to Trinity Evolution is risky in our view and any hiccups could cause OFIX to miss its closely watched spine sales estimates, (3) the orthopedics segment faces tough comps and may be at risk of destocking at international distributors, (4) Ramius may choose to sell its OFIX shares which could push OFIX shares down, (5) the bone growth stimulation subpoena has created a new overhang, and (6) OFIX is now trading at a premium to peers."
Orthofix International N.V. (Orthofix) is medical device company offering a line of surgical and non-surgical products for the spine, orthopedics, sports medicine and vascular market sectors.
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