A Hold recommendation has recently been issued to electronic component manufacturer Greatbatch, Inc. (GB) by Zacks senior analyst Gregory Aurand, CFA.  Here's what his latest update had to say about it:

'The company lowered its 2007 revenue and EPS guidance on weaker customer demand, most likely in the CRM battery space. We are reducing our 2007 estimates to the middle of management's new 2007 guidance. Our 2008 estimates decline on continued expected CRM (customer relationship management) softness.

'We had expected the amended Boston Scientific (BSX) agreement to offer some forward CRM stability, but the CRM market could now be weaker than thought, especially given the strong Q2 results GB posted in ICD batteries. We are reducing our 2007 estimates to the middle of management's new 2007 guidance. Our 2008 estimates decline on continued expected CRM softness. Although neurostim opportunities remain for 2008 and beyond, we are also lowering our long-term growth outlook to 14% from 15% on weaker CRM demand.

'As an original equipment manufacturer (OEM) to medical device manufacturers, a situation that creates quarterly volatility, we believe the stock should be valued at a discount to the group 2008 P/E/G of 1.5x. At a 10-15% discount, on our new lowered 2008 EPS estimate of $1.59, our target price moves to $30.00 and we recommend a Hold.'