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Baird Cuts Immucor to Neutral

Baird downgraded Immucor (BLUD) to neutral from outperform.

Analyst Aaron Geist says he expects Immucor will see continued worldwide growth opportunities with Galileo system placements and assay price increases, but he thinks the current stock price reflects these expectations and feels the stock is fairly valued as of Friday's close.

Also, he sees the recent implementation of EITF 00-21, an accounting directive that delays full recognition of instrument revenues, as likely causing a drag on year-over-year comps for the next three to four quarters until instrument revenues hit a "steady state" with respect to EITF 00-21.

Geist kept his $36 price target; and fiscal year 2005-2007 earnings per share and revenue estimates.

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