UPDATE: PIper Jaffray Lowers PT on Greatbatch to $20
PIper Jaffray is out with its report today on Greatbatch (NYSE: GB), lowering its PT from $22 to $20.
In its report, Piper Jaffray writes, "We recently visited with GB management. While we still view the stock as challenged in the near term, we did gain greater comfort in our near-term estimates that anticipate CRM revenues to flatten in 2011 from their 2010 downward trend. We believe the company has been managing operating expenses during the quarter to balance a temporary downturn in GM. The new initiative for proprietary products appears to still be on-track for first revenues in late 2012. We remain at UW and lower our PT from $22 to $20 to reflect the recent decline in market multiples."
Shares of GB closed Friday at $19.60, down 3.02% from Thursday's close.
