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Biotech / Medical : TECHNE (Tech): "selling picks to gold miners"
TECH 77.81+3.1%3:59 PM EDT

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From: mopgcw2/2/2008 5:41:16 AM
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Techne - TECH-NNM
Outperform - Price 66.20 on Jan. 29
by Baird Securities

Techne is the leading producer of cytokine-related reagents and kits in the U.S. and biotechnology and hematology units. We're increasing our target from 70 to 71, based on a price/earnings multiple of 25 times (in line with 15-to-40 times we afford life-science companies) our calendar-year '09 EPS estimate of $2.82...we believe [the multiple] warranted, given Techne's industry-leading operating margins, strong cash flow, and strong balance sheet ($188.8 million of cash; no debt). Market-cap: $2.6 billion.
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