Genzyme Corp. (GENZ)
Cowen & Co. analyst David Stone lowered his rating on Genzyme Corp. (GENZ) to "neutral" from "outperform." Stone said recent discussions with management indicate that GENZ may decide not to raise additional off-balance sheet R&D financing in 1994, choosing instead to fund R&D from operating cash flow. He views a transition to internal R&D funding as a good strategic move and a long-term positive for the stock, which would not face dilution from unit offerings. However