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Investment Bank Downgrades Thermo Electron Despite Growth Guidance

Dec 23, 2005

NEW YORK, Dec. 23 (GenomeWeb News) - An investment bank today downgraded its outlook for Thermo Electron despite the revenue growth expected by the company in 2006.

 

Needham & Co cut Thermo Electron's shares to "Buy" from "Strong Buy."

 

As reported in yesterday's GenomeWeb News, Thermo Electron expects total revenue for 2006 to grow 7 percent, to between $2.78 billion and $2.83 billion. According to Reuters Estimates, the company's guidance misses Wall Street's sales expectations of $2.89 billion.

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