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Biotech / Medical : Invitrogen IVGN

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From: mopgcw	4/22/2006 4:01:50 AM
	of 73

forbes: Invitrogen Shares Look Range Bound Peter Kang, 04.19.06, 10:38 AM ET Bear Stearns cut the price target on Invitrogen after the life sciences company announced disappointing preliminary sales results for the first quarter. The Carlsbad, Calif.-based company said it expects quarterly sales of $309 million, below the $320 million predicted by a consensus of analysts. "Sales were lower than anticipated by approximately 3% due to lower than expected performance in its U.S. Bioproduction and Japan businesses," Invitrogen (nasdaq: IVGN - news - people ) said in a statement. "Revenue performance in Europe, U.S. research, and emerging markets were strong." The company maintained 2006 pro-forma earnings guidance in a range of $3.90 to $4.10, compared with the Street forecast of $3.93 per share, but widened its sales forecast to a range of $1.3 billion to $1.36 billion. Stephen Unger of Bear Stearns cut the price target on the stock to $70 from $79. "We see Invitrogen shares range bound ($65 to $70) in the near-term and maintain our peer perform rating," the analyst said. Invitrogen will report first-quarter results on April 27.

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