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Greatbatch, Inc. (GB)


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We downgrade our recommendation for Greatbatch (GB) to Underperform following its lower-than-expected third quarter fiscal 2010 results and management's tepid outlook. Both revenues and earnings for the quarter missed the Zacks Consensus Estimate, impacted by the decline in the company's CRM/Neuromodulation business.

Greatbatch has narrowed its fiscal 2010 revenue and operating margin targets based on sluggish market conditions. The company's cost-cutting and restructuring initiatives continue to support margin expansion.

Moreover, Greatbatch has been acquiring complementary businesses to boost top line. However, we feel that operating metrics are expected remain under pressure through 2010 due to a soft CRM market, pricing pressure and foreign exchange headwinds.

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