analysts and calls -- ML Message Board

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Biotech / Medical : analysts and calls -- ML

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From: tom pope	9/20/2006 12:24:37 PM
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MATK: Martek Biosciences (MATK; $21.80; C-2-9) Upgrade: Sell to Neutral as Negative Near-Term Outlook Mostly Priced In. Core Business Worth $17-$20/Share. The Street consensus was lowered significantly for '07 and '08 following 3Q EPS, these estimates now more achievable, in our view. On the food side, the impact of the next wave of deals may be tempered because current products are launching slowly and below expectations. Our "break-up" analysis suggests the core formula business is worth ~$17 - $20, & the food business is worth ~$3 - $6, suggesting a $20 - $26 theoretical fair value range.

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