The flurry of acquisition activities in the past few years have expanded Greatbatch‘s (GB) customer base, particularly in orthopedics, and moved its product portfolio into higher growth segments. However, the company reported disappointing third quarter fiscal 2009 results.

Earnings per share were 32 cents, considerably lower than the Zacks Consensus Estimate of 38 cents and the year-ago earnings of 43 cents. The company also witnessed erosion in its top-line.

In light of its disappointing performance, we downgrade the stock to Underperform with a target price of $17.

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