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Bear of the Day

Greatbatch (GB) is a leading producer and supplier of batteries, capacitors and components used in implantable medical devices. The company has been acquiring several businesses over the last few years to revive top-line growth, which has been declining over the past few quarters.

Total revenues in the fourth quarter declined 14% year over year. The decline was broad-based across all sub-segments.

We continue to rate the stock an Underperform with a target price of $18. This is based on a P/E of 10.9x our fiscal 2010 EPS estimate.

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