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Piper Jaffray Cuts Mentor to Market Perform

Piper Jaffray cut its opinion on Mentor (MNT) to market perform from outperform.

Analyst Thomas Gunderson said the revenue shortfall was due to a slowdown in breast augmentations in the anticipation of silicone approval. He noted that revenue is now expected to come in between $112 million and $115 million vs. his consensus $121 million estimate. He says the unresolved worry is that the shortfall is not just a pause button waiting for silicone breast implants, but a demand decline based on deteriorating consumer confidence. He's moving to the sidelines to see if aesthetic surgery (breast implants) takes a nap while consumers re-think their shrinking discretionary income. He cut his $1.76 fiscal year 2006 (ending March) earnings per share estimate to $1.57.

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