Merrill Lynch maintains PerkinElmer at buy

PerkinElmer Inc. was maintained by Merrill Lynch analyst J. Darryl Pardi at a buy rating with a $26 price objective after a visit with the company's management. Revenues have declined modestly over the past three years because the company serves some declining markets and slower growing aspects of the consumables market. The company is evolving its product portfolio to address higher-growth opportunities. Merrill Lynch said it thinks PerkinElmer has a good strategy to expand its leading position in micro-titer plate readers. Shares of the Wellesley, Mass.-based provider of instruments and services for the pharmaceutical industry were down $0.15, or 0.67%, at $22.24 on volume of 402,800 shares versus the three-month running average of 731,382 shares.

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