Genzyme Corp. (GENZ)
David Molowa of Bear, Stearns downgraded Genzyme Corp. to "hold" from "buy" due to lower earnings expectations in 1994 and beyond. While sales growth of currently marketed products is slowing and new products remain in development, the share base and tax rate of the company will increase significantly. That convergence of events will have a greater impact on GENZ earnings in 1994 and 1995 than he had anticipated, Molowa said.