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Baird Cuts SRI/Surgical Estimates

Baird cut its estimates on SRI/Surgical Express (STRC)

Analyst Larry Neibor says the provider of linens and disposable products for surgical procedures unexpectedly cut its guidance. He notes the new revenue guidance is $1 million short of his estimates. Neibor says there's a relatively low level of turnover in the company's business; even so, SRI/Surgical is having more difficulty than he expected bringing on new accounts and replacing lost accounts.

Neibor thinks economic conditions are the primary factor. He cut his $0.58 2002 earnings per share estimate to $0.38, and slashed the $0.80 2003 earnings per share estimate to $0.50. Neibor maintains his neutral rating and has a $8 target.

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