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CIBC World Lowers 'Guidant' to 'Sector Underperform'


CIBC World downgraded Guidant (GDT) to sector underperform.

A U.S. District Court reportedly ruled in favor of Boston Scientific's drug-coated stent patent dispute with Cook and Guidant. Analyst John Calcagnini says the court decided to enjoin Guidant's paclitaxel-coated stent data from its Deliver trial. While Guidant can appeal, the case doesn't look good for Guidant. He notes Guidant could attempt to negotiate with Boston Scientific for paclitaxel rights or negotiate with Johnson & Johnson for a way to commercialize J&J's rapamycin, but it's hard to see what Guidant could offer these companies, barring a sizeable cash payment that would wipe out future profits from drug-eluting stents.

Calcagnini cut the $2.30 2003 earnings per share estimate to $2.14.


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