7:09AM Lexar Media cut to Sell at WR Hambrecht (LEXR) 21.90: WR Hambrecht downgrades to Sell from Hold based on their belief that the co is at risk of: 1) heavy product gross margin compression in the coming qtrs, 2) decreasing license and royalty revs beginning in Q2, and 3) an increasingly competitive landscape in the flash card/USB drive arena, particularly from the likes of SNDK; firm also believes valuation at a 49x their 2004 est (71x on a fully-taxed basis) has run well ahead of fundamentals
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