Thursday May 15, 09:16 AM
UK smallcap opening - Corin plunges on downgrades
LONDON (Thomson Financial) - Shares in orthopaedic devices maker Corin Group (LSE: CRG.L - news) came under pressure and plunged 81 pence
to 269 as Stryker's decision not to re-order any new products until December 2008 triggered analysts' downgrades.
Investec (LSE: INVP.L - news) slashed its 208 earnings-per-share forecast by nearly 60 percent, telling clients the forecast risk remains high and Stryker will not make a bid in the short term. The broker shifted its stance on the stock to 'sell' from 'hold' with a new 300 pence price target.
At Brewin Dolphin, Chris Glasper downgraded his 2008 EPS estimate to 8.7 pence and next year's to 12.2. The analyst moved his recommendation to 'reduce' from 'hold'.
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