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Morgan Keegan Cuts OSI Rating

Morgan Keegan cut its investment recommendation on OSI Systems (OSIS) to market perform from outperform on Tuesday, citing the technology company's quarterly results.

Analyst Brian Ruttenbur said he was disappointed with the weak fourth quarter results, and sees weak performance into fiscal year 2006 (ending June). Despite the fact that the proposed initial public offering of the healthcare group lends visibility to higher break-up valuation for the company, the analyst says there are still too many uncertainties surrounding the transaction. He's also concerned with the results of PFNA technology tests in El Paso. He had believed those tests would end successfully, with new orders from the US government for PFNA cargo screening systems, but this was not the case and that leaves prospects for PFNA tech clouded. He cut his 15 cents fiscal year 2006 earnings per share estimate to a 29 cent loss.

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