We downgrade our recommendation for
Greatbatch (
GB) to Underperform following its lower-than-expected third quarter fiscal 2010 results and management's tepid outlook. Both revenues and earnings for the quarter missed the Zacks Consensus Estimate, impacted by the decline in the company's CRM/Neuromodulation business.
Greatbatch has narrowed its fiscal 2010 revenue and operating margin targets based on sluggish market conditions. The company's cost-cutting and restructuring initiatives continue to support margin expansion.
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