Needham Trims COR to 'Buy'

But analyst Mark Monane thinks the firm's fundamentals are quite strong

Needham downgraded COR Therapeutics (CORR ) to buy from strong buy.

Analyst Mark Monane also cut his $0.37 2001 EPS estimate to $0.34, and cut his target to $42-$44. He says he is disappointed, noting the firm is profitable for the first time in Q4 but the curse of profitability is the need to maintain it. He says the short term is clouded by how much COR can grow this year, especially in Europe where sales are disappointing.

Monane says the good news is that the fundamentals are quite strong, and that COR is an excellent core holding in technology. He says COR's drug is No. 1 in its class in terms of patient share. He notes the drug is used in treating unstable angina, which is the No. 1 reason for hospitalization in the U.S.

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