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Stephens Inc. Starts Harvard Bioscience with 'Buy'


Stephens Inc. initiated coverage of Harvard Bioscience (HBIO) with a buy recommendation, and set a $15 price target on the stock.

Analyst John Sullivan says Harvard Bio provides over 10,000 different instruments and related consumables that enable research in the pharmaceutical and biotech industries, academic and government laboratories. He notes recent organic growth been increased by a series of acquisitions that has improved the company's competitive position in proteomic research resources, as well as in ADMET (absorption, distribution, metabolism, excretion, toxicity) testing and screening of drug candidates.

Sullivan thinks the company has a top position and primary distribution channel in the in-vivo ADMET products area. He sees EPS of $0.19 for 2001 and $0.29 for 2002.


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