Chattanooga: Chattem tumbles to 2-year low

Chattanooga: Chattem tumbles to 2-year low

March 12th, 2009 in Business

Shares of health care products and consumer goods maker Chattem Inc. fell to their lowest price in nearly two years Wednesday after a Goldman Sachs analyst cautioned that Chattem's revenue forecast is probably not realistic.

Michael Kelter began covering the stock with a "neutral" rating and a share price target of $67, which implies the stock could rise about 12 percent over the next year.

But the analyst expressed doubt Chattem can achieve its goal of organic sales growth because of the weak economy.

Shares closed at $55.02, down $4.71, or 7.89 percent.