Kyphon cut by Bear Stearns

Kyphon Inc. was downgraded Friday by Bear Stearns to peer perform from outperform. The Sunnyvale, Calif.-based medical devices company makes tools to treat and restore spinal anatomy using minimally invasive technology. Analyst Milton Hsu said the company appears to be well positioned versus the competition, and won a key patent case on Thursday, but the stock has reached his 2005 year-end target of $32. On winning the patent case, however, Kyphon shares Friday climbed $1.78, or 5.54%, to close at $33.92 on volume of 6.25 million shares versus the three-month running average of 577,829.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.