<div id="subtitle">Anixter International shares fall on Credit Suisse report; estimates 'too rosy,' analyst says</div><div><p>Shares of Anixter International fell Tuesday after Credit Suisse said expectations for the company's profits were overly optimistic.</p><p>Credit Suisse analyst Hamzah Mazari cut the company's rating to "Underperform" from "Neutral" in a note to investors.</p><p>Anixter International Inc. provides fasteners and electrical wire and cable to communications firms. Its shares fell $1.64, or 3.7 percent, to $43.10.</p><p>Mazari said that given meager growth in core revenue, higher pension costs, salary increases and what could be a long wait for a European recovery, profit expectations were "too rosy."</p><p>He said Europe accounts for about 20 percent of Anixter's revenue, much of it in the U.K., which will "likely take (two to three) years to return to 2008 profitability levels."</p><p>Mazari cut his profit estimate for the full year to $2.84 per share from $3, which is the average forecast from analysts, according to Thomson Reuters.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=67833780&bid=informcom" /></div><div id="copyright"><div>

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