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Bank Upgrades Invitrogen Stock on Anticipated 'Benefit' From R&D Spend

Aug 08, 2006
NEW YORK (GenomeWeb News) - An investment banks today upgraded Invitrogen’s stock despite missed second-quarter estimates and revised forecasts.
 
An analyst at Banc of America Securities upgraded the shares to “Buy” from “Neutral” and said the company “will begin to benefit” from the two-year investment in research and development and facility expansions.
 
The bank also set a 1-year price target of $70 for the stock. Shares in Invitrogen were up 4.6 percent, or $2.62, at $58.50 in mid-afternoon trading today.

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