A Robert W. Baird analyst downgraded outpatient surgery center operator AmSurg Corp. Tuesday, citing a lack of upcoming catalysts and the likelihood the stock will remain flat. Baird analyst Whit Mayo lowered his rating to "Neutral" from "Outperform" but lowered his price target to $23 from $24, saying the share value has returned to a more reasonable level. "Thus, outside of a re-acceleration in earnings, we see few significant catalysts and expect the stock to trade sideways," he wrote in a note to investors.

The numbers: Fiscal first-quarter revenue rose 12% to $163 million as net income climbed 7.8% to $13 million and earnings per share ascended 8.1% to 40 cents, extending a growth streak to nine quarters. The cash balance is ample with $31 million of reserves. The debt-to-equity ratio is low at 0.6. The net margin is wide at 7.7% but has shed 30 basis points since last year's first quarter. The stock: Amsurg is down 10% in 2009, trading at a price-to-earnings ratio of about 13. The company has a market capitalization of $670 million.