Fullerton-based Beckman Coulter Inc.’s 12% stock run-up since July is good enough, according to an analyst that downgraded the maker of medical testing gear on Monday.
Rick Wise of Bear Stearns downgraded Beckman Coulter shares to “peer perform” from “outperform,” saying the stock reflects the company’s growing business and the possibility of a buyout.
Siemens AG’s July buy of Beckman rival Dade Behring Holdings Inc. sparked speculation about an acquisition of Beckman, the only stand-alone maker of medical testing gear left.
In Wise’s downgrade, he called a buyout unlikely.
Beckman makes machines and supplies for doctors and researchers doing medical testing. The company is expected to have 2007 sales of $2.75 billion.
Shares are up nearly 30% from a year ago with a recent market value of $4.5 billion.
“At this point, we remain convinced that management’s recent restructuring and transition initiatives, combined with a slew of meaningful product launches in the last two years, have positioned the company for sustained financial performance,” Wise said.
But, Wise said, Beckman shares trade at a premium compared to competitors such as Becton Dickinson & Co. and Baxter International Inc.
Beckman shares could fall into line with rivals in the next year to 16 months, he said.
