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Investment Bank Updates Estimates for Waters, Bruker

NEW YORK (GenomeWeb News) – Investment bank Leerink Swann today updated its revenue estimates for Waters and Bruker, raising its expectations for both firms for the second half of the year.

Isaac Ro, an analyst for the bank, issued research notes on both firms, reiterating his rating of "market perform" for their stocks.

For Waters, Ro upped his full-year 2009 revenue estimate to $1.46 billion from $1.45 billion. He predicted revenues to be higher than second half of the year than previously expected. Ro also said that he expects the firm to produce earnings per share of $3.59 in fiscal-year 2010, assuming 5 percent revenue growth.

For Bruker, Ro estimated that the firm would report revenues of $1.23 billion, up from his previous estimate of $1.05 billion.

"After recent conversations with management, we believe quarterly lumpiness in 2008 revenues was above the norm and unlikely to continue in 2009," wrote Ro.

Ro raised his valuation on Bruker's stock to $8-$9 from his previous valuation of $7. He also raised his valuation Waters' stock to $50-$54 from an earlier valuation of $42-$45.

In early trade on the New York Stock Exchange, shares of Waters were up nearly 3 percent at $50.12. Bruker's shares were up 2 percent at $9.21 on the Nasdaq.

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