Nobel Biocare Holding AG and Straumann Holding AG fell in Swiss trading after UBS AG cut profit estimates for the dental-implant makers, citing slower- than-forecast market growth as the economy remains restrained.
Dental-implant sales will increase 2 percent this year and 5 percent in 2011, down from previous estimates of 4 percent and 6 percent, Maja Pataki, a UBS analyst in Zurich, wrote in a report today. UBS reduced the forecasts after meeting industry executives at a European Association of Osseointegration conference in Glasgow this month, checks with dentists and a survey, she wrote.
Shares of both companies fell the most in two months. Pataki cut her profit estimates for Nobel Biocare by 10 percent on average for 2010 to 2014, while she lowered estimates for Straumann by 3 percent to 9 percent over the same period.
“The cut in estimated market growth rates is in line with a more conservative outlook for the economy,” Pataki wrote. She cut Glattbrugg, Switzerland-based Nobel Biocare to “sell” from “neutral” and lowered Basel, Switzerland-based Straumann to “neutral” from “buy.”
Nobel Biocare dropped 1.84 Swiss francs, or 9.8 percent, to 16.85 francs at the 5:30 p.m. close of trading in Zurich, giving the company a market value of 2.1 billion francs ($2.2 billion). The decline was the biggest since Aug. 11.
Straumann declined 9.20 francs, or 4.2 percent, to 211.80 francs, also the biggest drop since Aug. 11. The company has a market value of 3.3 billion francs.
By Phil Serafino - Oct 12, 2010 1:15 PM GMT-0300
fonte: Bloomberg
fonte: Bloomberg
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