In a move that mirrored the fall of feelings about the San Antonio Spurs, analysts from Needham & Company cut their outlook for Analogic Corporation (NASDAQ:ALOG), a move that affected investor sentiment and dragged down the company's small cap stock.
Though the company was able to post gains for the third quarter of 2012 and declared a quarterly cash dividend, analysts downgraded the stock for Analogic Corp. after the numbers fell short of expectations, according to Zolmax News.
The move for the company from a "buy" rating to a "hold" rating by Needham & Company as it lowered its estimates for the firm in the coming year.
"ALOG shares closed a dollar short of our $66 target last night and reported a quarter that fell short of our estimates. Since we are taking estimates down a bit this morning we also downgrade from Buy to Hold. We think ALOG shares appear to be fairly valued at this level, especially when compared to its peer group," said company analyst Dalton Chandler.
Although it was downgraded by the analysts, the company has received some positive news, as it was recently named one of "America's Most Trustworthy Companies" by Forbes, according to a release.
The company's stock dropped $2.73 to $62.27 at 11:12 a.m. on June 7, a decrease of 4.2 percent.