Citigroup Downgrades Cardionet, Inc. (BEAT) To Sell Rating

Analyst Amit Bhalla at Citigroup Chas downgraded Cardionet, Inc. BEAT from Hold to Sell rating. Citigroup recently hosted the company’s management at its annual healthcare conference. Although the company appears to be progressing ahead on schedule on its cost saving initiatives, patient volumes are not meeting expectations. As a result, Citigroup expects volume targets to be revised downward again. The price target for Cardionet, Inc. has been maintained at $6.