PerkinElmer (NYSE:PKI) is expected to report Q2 earnings Thursday, July 30 after the market close, with a conference call scheduled for 5:00 pm ET.
Analysts are looking for EPS of 27c on revenue of $459M. The consensus range is 24c-31c for EPS, and $435.43M-$476M for revenue, according to First Call. Positive drivers for this quarters results could come from food safety related sales, while the instrument sales division could be slower as a result of the economic slowdown and cutbacks at hospitals. In late April, the company predicted FY09 EPS would be down mid-single digits and revenue down flat to mid-single digits.
On June 23, Barclays downgraded PerkinElmer to Underweight from Equal Weight based on valuation and gave a target of $15 on the shares. On July 10, Deutsche Bank upgraded PerkinElmer on valuation, seeing a balanced risk/reward at current levels. The firm raised its target on shares to $19 from $14.