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J.P. Morgan Raise Invitrogen to 'Overweight'

J.P. Morgan upgraded Invitrogen (IVGN) to overweight from neutral.

Analyst Chris Shibutani says he strongly thinks Invitrogen's plans to acquire Molecular Probes will re-accelerate growth in Invitrogen's molecular biology business and provide meaningful accretion to earnings in 2003 and 2004. He believes Molecular Probes' revenue should benefit significantly from a substantial improvement in distribution capabilities with Invitrogen.

Shibutani says even with Wednesday's stock price increase, the shares still trade at a discount to re-agent supplier peers, a discount that he finds unwarranted.

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