JMP maintains Zimmer at underperform

Zimmer Holdings Inc.'s market underperform rating was maintained by JMP Securities analyst Robert C. Faulkner after the company's third-quarter results confirmed substantial deceleration in the U.S. knee and hip markets by 670 and 270 basis points, respectively. Faulkner said Zimmer and other orthopedic stocks are tied to a U.S. market growth decline, which he estimated will fall to 5% from 10% this quarter. He lowered the 2005 fourth-quarter earnings-per-share estimate to $0.83 from $0.85 and the price target to $61 from $66. Shares of the Warsaw, Ind.-based medical appliance company were down $2.07, or 3.25%, at $61.70 on volume of 3,601,300 shares versus the three-month running average of 2,060,330 shares.

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