NEW YORK (GenomeWeb News) – Investment bank Robert W. Baird has upped its rating on Sigma-Aldrich's stock to "outperform" from "neutral," a day after the firm beat Wall Street expectations for fourth-quarter revenues and net income.
The St. Louis-based chemicals and research tools provider reported 12 percent revenue growth year over year to $572.5 million, beating analysts' consensus estimate of $561 million. The company also said that it expects 2010 organic revenue growth in the mid-single digits.
Baird Analyst Quintin Lai said the he expects Sigma-Aldrich to report revenue growth of around 6 percent to $2.29 billion. Analysts, on average, expect the firm to report revenues of $2.31 billion.
Lai placed a price target of $60 per share on Sigma-Aldrich's stock.
In mid-afternoon trade Thursday on the Nasdaq, shares of the firm were up 2 percent at $49.21.