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CSFB Cuts ADVO to Neutral from Outperform

CSFB cut its investment recommendation on ADVO (AD) to neutral from outperform, citing the company's disappointing fourth quarter preannouncement.

Analyst Brandon Dobell said the company cited an impact from the increasing mix of lower margin and lighter weight advertising pieces, higher bad debt expense, and to a lesser extent, disruptions tied to the Hurricanes. He cut his $1.46 non-GAAP fiscal year 2005 (ended September) earnings per share estimate to $1.33, and his $1.90 fiscal year 2006 estimate to $1.55. He said the company expects fourth quarter total revenue to be in line with guidance and also notes that the company is to suspend future guidance, which he believes is likely to add to near-term investor concern. He set a $29 price target.

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