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Kyphon cut by Bear Stearns
Kyphon Inc. was downgraded Friday by Bear Stearns to peer perform from outperform. The Sunnyvale, Calif.-based medical devices company makes tools to treat and restore spinal anatomy using minimally invasive technology. Analyst Milton Hsu said the company appears to be well positioned versus the competition, and won a key patent case on Thursday, but the stock has reached his 2005 year-end target of $32. On winning the patent case, however, Kyphon shares Friday climbed $1.78, or 5.54%, to close at $33.92 on volume of 6.25 million shares versus the three-month running average of 577,829.
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