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Wachovia Keeps 'Market Perform' on Lincare Holdings

Wachovia keeps its market perform rating on Lincare Holdings (LNCR), but says Medicare cuts could reduce Lincare's earnings per share.

Analyst William Bonello says proposed Medicare reimbursement cuts could potentially reduce Lincare's 2004 earnings per share by 28 cents, to 47 cents earnings per share. He notes the Conference Committee has reached an agreement that would reduce reimbursements for the top five durable medical-equipment items and services to median Federal Employee Health Benefit Health Plan (FEHBP) prices beginning in 2004, and phase in a competitive bidding process beginning in 2007, as well as reduce reimbursements for respiratory drugs.

Bonello says he's keeping the market perform rating given that the Medicare reimbursement and legislative process is still fluid.

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