Chiron Corp. shares fell $2.25 to $67.50 on Thursday afterSmith Barney analyst Denise Gilbert lowered her rating on theEmeryville, Calif., company to "hold" from "buy."

"I had really underestimated what it was going to cost tointegrate the two companies," she told BioWorld, citing Chiron'srecent purchase of Cetus Corp. Cuts at Cetus haven't been asextensive as she expected.

While Chiron (NASDAQ:CHIR) will still report profits in 1993and has good long-term fundamentals, profit levels won'treturn to their previous levels until 1995 or 1996, Gilbert said.-- KB

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