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Biotech / Medical : Invitrogen IVGN

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From: mopgcw	10/6/2006 7:55:47 AM
	of 73

IVGN: One Stop Shop for Consumables - Initiating with a Buy Rating BUY (1) High Risk (H) Mkt Cap: $3,493 mil. October 5, 2006 SUMMARY * We are initiating coverage of Invitrogen (IVGN) with a 1H (Buy, High Risk) rating and a target price of $86 per share. * Invitrogen is a leader in providing molecular biology based consumable products in the life sciences area. The co. has a broadly-based and well-known branded product portfolio for drug discovery research and biopharmaceutical cell culture production that we expect to generate long-term growth. * We believe Invitrogen is poised to benefit from improved operating efficiencies given the year-end and an anticipated increase in customer orders in its bioproduction business in H2. Financial results are also likely to be bolstered by the co's recently announced $500MM stock buyback plan. In our opinion, the stock is at an attractive valuation level trading at a P/E of 16x our FY07 EPS est of $3.90, which represents a 14% discount to the comp group median of 19x.

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