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RBC Capital Cuts Nautilus to Sector Perform


RBC Capital cut its investment opinion on Nautilus (NLS) to sector perform from outperform.

Analyst Edward Aaron cited the recent decline in consumer confidence and is concerned that consumer demand for fitness equipment will be soft this season. He says he is comfortable with the third quarter, but sees some downside risk to fourth quarter guidance: 1) tough comparables, 2) retailers may be cautious with reorders, and 3) supply chain inefficiencies. He cut his 57 cents fourth quarter earnings per share estimate to 53 cents and his $1.19 2005 estimate to $1.14. He says that while most 2006 earnings per share estimates have been reduced to between $1.45 and $1.50, given current uncertainty he is unconvinced that management will endorse this forecast. He cut his 2006 earnings per share estimate to $1.40.


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