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Raymond James Ups EResearchTechnology to 'Market Perform'

Raymond James upgraded EResearchTechnology (ERES) to market perform from underperform.

Analyst James Kumpel says while eResearch announced just nine contracts in the third quarter of 2003 worth more than $20 million, the company announced 13 contracts ranging in value from $1 million to $3.9 million, also worth more than $20 million. He thinks diagnostic services provider is likely to report fourth-quarter earnings per share of 15 cents, on revenues of $21.3 million, topping consensus estimates of 13 cents and $19.5 million, respectively.

Kumpel raised the $101.4 million 2004 revenue estimate to $110.1 million, and upped the 71 cents earnings per share estimate to 77 cents. He expects to see a more stable near-term stock price as eResearch is entering the earnings season with the probability of a raised earnings outlook for 2004.

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