From Standard & Poor’s Equity Research

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MORGAN JOSEPH DOWNGRADES CERADYNE TO HOLD FROM BUY

Morgan Joseph analyst Michael French says Ceradyne (CRDN) won’t ship any of its new X-SAPI body defensive clothing in the fourth quarter 2008 viewed like a result of a stipulation protest by a competitor.

French says the ink on CRDN’s foregoing $72 million body armor order was barely unembellished previous to the Army told the company to stop work; a competitor is believed to have complained that it didn’t be under the necessity chance; fit to update its delivery schedule. He notes that CRDN efficiency have made shipments by yearend, but instead the Army decided to start from mark with a scratch and seek new bids from suppliers.

He cuts $4.04 2008 EPS estimate to $3.99 and $3.17 for 2009 to $2.30.

SANDLER O’NEILL KEEPS SELL ON NATIONAL PENN BANCSHARES

Sandler O’Neill analyst Avi Barak says National Penn Bancshares (NPBC) announced preliminary fourth quarter results, including $60-$65 million other-than-temporary impairment (OTTI) charge of the same nature to the assembly’s pooled trust preferred portfolio, $17-$20 million loan loss provident measures, $4.5 million charge related to accounting irregularities.

Barak lowers fourth quarter 2008 estimate to $0.34 loss to reflect OTTI charge and higher-than-expected provision. He is pleased that the company is dealing by securities portfolio issues, further is concerned about higher level of provisioning.

While he views NPBC as a well-run dike, he keeps take a bribe for rating based on valuation (261% of tangible book value).

ROTH CUTS RTI BIOLOGICS TO HOLD FROM BUY

Roth analyst Matt Dolan says he believes RTI Biologics (RTIX) has been collision by a tough global economy that has impacted distribution in meanly every product category, as demand softens and distributors come into view to be tightening inventory.

Specifically, Dolan says the crew’s global dental business and general between nations distribution have experienced weaker-than-expected demand. He also notes Sports Medicine has been mischief by the company shift to its own direct sales reps in certain territories. He says Spine & Surgical group has been hit by register. reductions by distributors.

He cuts his price target to $3.

Original text: http://www.businessweek.com/investor/content/dec2008/pi20081231_628698.htm?campaign_id=rss_null