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BoA Downgrades Cytyc to 'Market Perform'

Banc of America downgraded Cytyc (CYTC) to market perform from buy.

The FTC is set to block the acquisition of Digex. Analyst Kurt Kruger says the FTC vote crushing a blow; he had counted on Digex for the next leg of growth as the company's base Pap smear market matures. He sees Cytyc getting about $7 million in 2003 from a marketing agreement with Digex vs. the $135 million former sales forecast from Digex as a unit of Cytyc. He notes lukewarm receptivity to the company's ductal levage product. He says it is likely this won't change his rating until he is confident the company has established its next leg of growth beyond 2003. Kruger sees $0.57 2002 earnings per share, and cut the $0.91 2003 estimate to $0.78.

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