Merrill Lynch maintains Perkin Elmer earnings estimates

PerkinElmer, Inc.'s earnings per share were still estimated at $1.12 per share, but the forecasting model was converted by Merrill Lynch analyst Darryl Pardi to reflect Fluid Science as discontinued operations in the fourth quarter of 2005 because the company intends to divest the business. Forecasts were changed through 2007 to reflect the divestiture. Merrill Lynch said it expects the company to generate mid single-digit organic revenue growth and widen margins over the next two years. Merrill Lynch said it also expects the company to have no debt and about $226 million in cash at the end of 2005. Merrill Lynch said it estimates that repurchasing of $250 million in stock would be accretive by about $0.08 with the stock at $22. The Wellesley, Mass.-based company provides scientific instruments, products and services for the pharmaceutical and biomedical industries. Shares were up $0.50, or 2.32%, at $22.07 on volume of 845,500 shares versus the three-month running average of 718,140 shares.

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