Genzyme downgraded to "neutral"

09/19/06 - Robert W. Baird

NEW YORK, September 19 (newratings.com) - Analysts at Robert W Baird downgrade Genzyme Corporation (GENZ) from "outperform" to "neutral," while reducing their estimates for the company. The target price has been reduced from $75 to $73.

In a research note published this morning, the analysts mention that the results of the latest nephrologist survey suggests that Genzyme's Renal Business is facing competitive pressures, which is likely to adversely affect the growth potential of the company's Renagel and Hectorol drugs in the intermediate-to-long term. The EPS estimate for 2007 has been reduced from $3.25 to $3.22.