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Bear Stearns Cuts Cardinal Health to Peer Perform

Bear Stearns cut Cardinal Health (CAH) to peer perform.

Analyst Raymond Falci says he downgraded from outperform on increased near-term uncertainties. He notes the upside is limited by delays in business stabilization across several units, and the ongoing overhang of the expanded Securities and Exchange Commission investigation. Both factors are likely to inhibit near-term share appreciation.

Falci says while Cardinal's receipt of a subpoena suggests a possible adversarial SEC relationship, he's is less concerned by the stated (and expanded) scope of the SEC's inquiry as it doesn't appear to represent a threat to ongoing operating estimates.

Falci cut the $3.36 fiscal 2004 (Jun) EPS estimate to $3.54, cut the $4.18 fiscal 2005 EPS estimate to $3.93, and slashed the $80 target to $60.

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