Needham Cuts Kensey Nash to Hold from Buy
Needham cut its investment opinion on Kensey Nash (KNSY ) to hold from buy, citing doubts about the company's business growth.
Analyst Clay Wilson said there are questions currently about growth in the company's base biomaterials business which, until they're addressed, will likely serve as overhang on the shares. The analyst noted that the company may shed more light on trends in areas he's particularly concerned about (cardiovascular and sports) on a conference call set for 11 am EDT today. However, he indicated that he'll need to witness positive performance results over the next quarter or two to improve his opinion on the shares. His $1.17 fiscal year 2006 (ending June) and $1.59 fiscal year 2007 earnings per share estimates are under review.