Merrill maintains PerkinElmer at buy

PerkinElmer Inc. was maintained at a buy with a price objective of $26 by Merrill Lynch analyst J. Darryl Pardi. Third-quarter earnings per share increased by 22% over last year to $0.28 - in line with Merrill's estimate and $0.01 above consensus. Revenue grew and operating margins widened 170 basis points to 13.20%, 10 basis points better than forecast. Merrill said improving margins reflect operating leverage on higher sales growth and operational improvement initiatives made by the company over the past three years. Shares of the Wellesley, Mass.-based biotechnology company were up $1.53, or 7.35%, at $22.35 on volume of 2,477,100 shares versus the three-month running average of 696,606 shares.

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