Bear Stearns cuts Actelion to peer perform

Actelion Ltd. was downgraded to peer perform from outperform by Bear Stearns analyst Melissa Bearchell after the company met the analyst's price target of CHF 215 and has reached its fair value. The company has surprised the market over the last four quarters with results ahead of expectations. However, third-quarter 2006 upside was driven by lower costs rather than Tracleer coming in ahead of expectations, according to the analyst. Shares of the Allschwil, Switzerland-based pharmaceutical company were down CHF 3.90, or 1.78%, at CHF 215.00. (Swiss: ATLN)

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