RBC keeps Restore Medical at outperform

RBC Capital Markets analyst Phil Nalbone maintained Restore Medical, Inc. at its outperform, speculative risk, rating after the company's preliminary third-quarter sales of $1.2 million fell short of the analyst's forecasted $1.98 million. Management blamed slower-than-expected implementation of marketing initiatives and disruption in the U.S. sales organization for the shortfall, according to the analyst. RBC lowered its 2008 sales estimate by $11.3 million to $20.1 million and its earnings per share estimate by $0.12 to $0.16. Shares of the St. Paul, Minn.-based medical device company were down $1.96, or 32.89%, at $4.00. (Nasdaq: REST)

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