Beckman Coulter Rises Following Barclays Upgrade

NEW YORK (AP) — Shares of Beckman Coulter Inc. rose Thursday after a Barclays analyst upgraded the stock, pointing to its dependable supply revenue, and its recent buyout of Olympus Corp.'s lab-based diagnostics business.

C. Anthony Butler upgraded the biomedical diagnostics instrument maker's stock to "Overweight" from "Equal weight," and shares picked up $1.34, or 2.9 percent, to $48.04 in midday trading. Butler said the company has a steady stream of recurring revenue, which Beckman Coulter defines as sales of supplies and test kits, and service and lease payments, while the Olympus acquisition will bring in new revenue and sustain the company's growth.

Beckman Coulter reported $2.4 billion in recurring revenue in 2008, or more than three quarters of its $3.1 billion in total revenue. The company expects those sales to grow another 6 to 7 percent this year, excluding the impact of currency exchanges. ...