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Deutsche Bank Cuts SonoSite to 'Hold'


Deutsche Bank downgraded SonoSite (SONO) to hold from buy.

Analyst Bruce Jacobs says continued distribution issues in Japan, and some turbulence in Germany, led to a second-quarter revenue and earnings per share shortfall. He says he expects growth to resume in Germany, however, in Japan the company continues to suffer from a lack of focus from its distributor; he removed Japanese revenue from his second-half 2003 estimate.

Jacobs cut his target to $20. While he's cautiously optimistic that these issues are resolvable, visibility may not materially improve until next year.


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