Jefferies Raises Earnings and Price Target on PerkinElmer (PKI) After 'Shock & Awe'

February 3, 2012 2:12 PM EST
Get Alerts PKI Hot Sheet
Price: $52.43 -0.94%

Rating Summary:
    9 Buy, 12 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Jefferies maintains a 'Hold' on PerkinElmer (NYSE: PKI) price target raised from $23 to $27.

Jefferies analyst says, "PKI's 4Q11 adjusted EPS of $0.62 was materially ahead of consensus (+$0.11) on stronger core revenue growth (+6% vs. our +4%) and profit trends, as well as a discrete timing-related benefit from the mid-4Q11 closing of the recent CALP acquisition (+$0.03). We are raising our 2012 EPS forecast to $2.01 (from $1.85)...Our PT moves to $27 on higher cash flow forecasts."

"Our focus remains on PKI's ability to consistently drive OP margin expansion and demonstrate progress towards a respectable cash-on-cash return on the >$1B of capital it will have spent on acquisitions over the past 24 months. Greater confidence in its pathway on both fronts would offer justification to revisit our neutral investment disposition."

For an analyst ratings summary and ratings history on PerkinElmer click here. For more ratings news on PerkinElmer click here.

Shares of PerkinElmer closed at $24.69 yesterday.

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