Wachovia Downgrades Symmetry Medical (SMA) to Underperform
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Wachovia downgrades Symmetry Medical Inc (NYSE: SMA) to Underperform.
Wachovia analyst says, "Our downgrade is driven by the following: (1) we question SMA's ability to drive the margin expansion needed to hit consensus estimates in H2 2008 (460 bps), (2) SMA's revenue growth is likely to slow over the next four quarters given tougher comps, (3) we think that SMA's sales to DePuy (its #1 customer at 33% of sales) in 2009 are likely to be down from 2008, (4) we expect several of SMA's largest customers (including DePuy) to increase production of instruments at their own facilities in China over the next two years, and (5) SMA's P/E multiple is now 1 point ahead of its large-cap ortho customers (which have averaged a 2.5 point P/E premium to SMA)."
Symmetry Medical Inc. (Symmetry) is an independent provider of implants and related instruments and cases to global orthopedic device manufacturers.
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