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Brean Murray Cuts Chattem to Sell

From Standard & Poor's Equity Research

Brean Murray downgraded Chattem (CHTT) to sell from hold, noting the company's challenges.

Analyst Gary Giblen explained that "everyone knows there's de-stocking", and the company's "it's just very short term" mantras underplay the severity and duration of its challenges. He finds increasing indications that the all-important success of new products has been deferred, and perhaps derailed, in the prove-out the Street demands. He cut his $2.20 fiscal year 2006 (ending November) earnings per share (EPS) estimate to $2.12 and his $2.45 fiscal year 2007 estimate to $2.40.

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