UPDATE 1-Life Technologies shares rise after strong Q2 results

mercoledì 29 luglio 2009 18:02
 

 July 29 (Reuters) - Shares of Life Technologies Corp
(LIFE.O: Quotazione) rose 8 percent to a 52-week high on Wednesday, a day
after the company reported strong quarterly results, which
prompted S&P Equity Research to upgrade the stock to "strong
buy".
 At least five other brokerages raised their price targets
on the stock of the company, which makes tools and equipment
used in genetic testing and stem cell research.
 Shares of the company were up $3.29 at $46.20 in morning
trade on Nasdaq, after touching a high of $46.48 earlier. As
many as 5.5 million shares changed hands in intraday trading,
more than twice the 50-day moving average volume of the stock.
 Life Technologies on Tuesday reported a second-quarter
profit that beat Wall Street estimates, helped by
integration-related combinations and better pricing. 
[ID:nN28362514]
 "Life's organic growth in the quarter (7.5 percent) is the
strongest reported to date in the space, reflective of the
company's economic insensitivity, resilient end markets, and
strong product offerings," Barclays analyst C. Anthony Butler
wrote in a note to clients.
 The company remains well positioned in rapidly growing,
economically insensitive markets, the analyst said, adding that
he expects the stock's outperformance to continue.
 S&P Equity Research, which previously rated the stock
"buy", said the company's quarterly revenue was aided by swine
flu-related instrument sales.
 Five brokerages, including UBS and Deutsche Bank, raised
their price targets on the stock, which has surged 26 percent
over the past three months.
 Brokerages         Price Target
                    Current  Prior
 UBS                $50      $44
 Barclays           $53      $49
 Morgan Stanley     $49      $47
 Macquarie          $51      $45
 Deutsche Bank      $49      $45
 (Reporting by R. Manikandan in Bangalore; Editing by Deepak
Kannan)