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PerkinElmer Shares Rise on Upgrade

NEW YORK (GenomeWeb News) – Shares of PerkinElmer were up 5 percent in late Thursday afternoon trade on the New York Stock Exchange after investment bank Thomas Weisel Partners upgraded the firm's stock to "overweight" from "market weight."

Peter Lawson, an analyst for the bank, also raised his price target on PerkinElmer's shares to $20 from his previous target of $18.

Lawson wrote in a research note that the firm "is now the deepest value life science instrumentation stock in our coverage — trading at a significant discount to peers." He noted that PerkinElmer's stock is trading at 13 times his 2010 earnings estimate for the firm of $1.30, which is below the group average of 15.6x earnings.

Lawson said that stabilization or growth in PerkinElmer's diagnostics, research, service, screening, environmental, and safety and security markets would more than offset declines in its industrial and medical imaging markets. "We feel any recovery in these markets will drive upside to estimates," he wrote.

Two weeks ago, PerkinElmer reported that its second-quarter revenues fell 14 percent, or 9 percent on an organic basis, amid continuing constraints on the capital equipment market.

It shares dropped 15 percent the next day and traded as low as $15.67. In Thursday afternoon trade, PerkinElmer's shares were trading at $17.75.

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