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CS First Boston Lowers Myriad Genetics to 'Neutral'

Credit Suisse First Boston downgraded Myriad Genetics (MYGN) to neutral from outperform.

Analyst Mark Augustine says the fourth-quarter results were disappointing. He notes predictive medicine sales are up 22% year over year, but essentially flat sequentially. Augustine widened the 86-cent fiscal 2004 (June) loss estimate to a $1.00 loss. He cut the $14 to $16 target range to $11 to $13.

He says he's waiting for benefits to emerge from a DTC campaign that ended earlier this year. Also, Augustine notes the critical-to-long-term predictive medicine uptake will be supportive clinical studies that could help establish optimal ways to manage individuals at increased risk for breast and ovarian cancer.

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