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First Albany Downgrades Intermagnetics General

Intermagnetics General (IMGC) shares fell after the company reaffirmed fiscal year 2003 expectations. It still expects fiscal year 2004 EPS growth despite an anticipated drop in first-quarter MRI magnet deliveries. First Albany downgraded the stock to neutral from buy on the news.

First Albany analyst Sanjay Shrestha says the downgrade is based on the company's muted outlook for earnings growth in the near term. He notes management expects the first quarter to be of minimal profitability because of actions taken to adjust operations in order to provide incremental sales to Phillips, related to Phillips Marconi Medical Products division. He says management also indicated that fiscal year 2004 (May) earnings growth will be below its long-term 10% to 15% target.

Shrestha sees $1.00 fiscal year 2004 EPS, below the current $1.09 consensus forecast. On the upside, he says the company is taking correct long-term strategic moves.

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