Wedbush Upgrades Dionex (DNEX) to Outperform; Improving End Markets

October 30, 2009 10:14 AM EDT

Wedbush upgrades Dionex (Nasdaq: DNEX) from Neutral to Outperform. Price target increased from $62 to $71.

Wedbush analyst says, "Solid Q1 performance highlighted by improving end markets warrants upgrade to OUTPERFORM. We are encouraged by Dionex’s overall business outlook based on four key points: (i) the company noted signs of stabilization within its core business; (ii) order patterns have improved, highlighted by a 20% increase in sequential orders and an $8 million order from Japan; (iii) management reaffirmed gross margin of 66-67%, which incorporates the negative impact from the ESA acquisition; and (iv) our belief that increased FY2010 guidance remains conservative with room for sequential upward revisions to estimates...Raising FY10/11 revenue estimates to $411 million/$429 million from $395 million/$412 million and adjusting FY10/11 EPS estimate to $3.18/$3.63 from $3.07/$3.48."

To see more analyst ratings on DNEX Click Here.

Dionex Corporation designs, manufactures, markets, and services analytical instrumentation and related accessories, and chemicals.

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