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First Albany Ups Martek Biosciences to Buy

First Albany upgraded Martek Biosciences (MATK) to buy from neutral, citing the company's quarterly results.

Analyst David Webber says the company had better-than- expected first quarter earnings per share (EPS) and strong second quarter revenue guidance. He has greater confidence in additional penetration of the food market this year. He says 17 cents first quarter GAAP EPS beat his 14 cents estimate and the consensus 13 cents estimate. He notes that the company forecast $67.5 million to $68.5 million second quarter revenue and expects second quarter overhead to rise to $16.2 million from $14.4 million in the first quarter (excluding FAS 123R), resulting in 17 cents to 18 cents non-GAAP EPS. Given the guidance, he still sees 60 cents fiscal year 2006 (ending October) non-GAAP EPS, but he cuts his fiscal year 2007 estimate to 86 cents from 90 cents and his fiscal year 2008 estimate to $1.26 from $1.30. He also set a $37 stock price target.

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