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UBS Financial Downgrades Adeza Biomedical

UBS Financial downgrades womens' health products company Adeza Biomedical (ADZA) to neutral from buy.

Analyst Benner Ulrich says shares are up nearly 33% since the company posted first-quarter results, are trading at 21 times his 2007 earnings per share estimate, about in line with a comparable group. He believes upside to estimates are necessary for further multiple expansion.

However, based on recent channel chacks, he remains comfortable with his estimates, and hence downgrades Adeza Biomedical on valuation. He sees 38 cents 2005 earnings per share, and 67 cents 2006 earnings per share, based largely on continued penetration of symptomatic market.

However, Ulrich still thinks conversion of the high-risk market will take time, which is necessary for an upside to his numbers.

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