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Analysts Raise Estimates, Price Target on PerkinElmer

NEW YORK (GenomeWeb News) – Several Wall Street analysts have raised their 2012 estimates and price target on PerkinElmer after the firm reported strong fourth-quarter results that beat expectations on the top and bottom line.

The Waltham, Mass.-based analytical tools firm said yesterday that it expects FY 2012 revenue growth of 10 to 12 percent and organic revenue growth in the mid-single digits. It also anticipates GAAP EPS from continuing operations of between $1.22 and $1.28. On a non-GAAP basis, the firm said that it expects EPS of between $1.98 and $2.04 — above Wall Street's estimate of $1.92.

In a note published last night Goldman Sachs analyst Isaac Ro wrote, "These strong 4Q11 results and guidance support our view that [PerkinElmer's] stronger growth and margin expansion is still underappreciated."

He raised his 2012 revenues estimate on the firm to $2.17 billion from $2.14 billion and his EPS estimate to $2.08 from $1.98. Ro also raised the price target on PerkinElmer's stock to $33 from $31.

Robert W. Baird analyst Quintin Lai lowered his 2012 revenue estimate to $2.15 billion from $2.17 billion but upped his EPS estimate to $2 from $1.93. He also raised his price target on the stock to $31 from $27.

Meanwhile, Leerink Swann has provided FY 2012 revenue expectations of $2.17 billion, up from $2.16 billion. Analyst Dan Leonard also increased the EPS estimate to $2.02 from $1.95. "We've raised our estimates primarily to reflect accelerating growth in Human Health and a lower tax rate going forward," Leonard said in a note.

He raised his valuation on the firm's stock to a range of $30-$32 from an earlier valuation of $24-$25.

Mizuho Securities analyst Peter Lawson raised his 2012 EPS estimate to $2.03 from $1.92 and increased the 12-month price target on PerkinElmer's stock to $30 from $25.

In Friday afternoon trade on the New York Stock Exchange shares of PerkinElmer were up 6 percent at $26.22.

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