J.P. Morgan Reiterates Overweight on Life Technologies (LIFE)

J.P. Morgan is out with a research report this morning, where it reiterates its Overweight rating on Life Technologies Corporation (NASDAQ: LIFE); it has a $62.00 price target on the stock. The JPM analysts cited the company’s acquisition of privately held Ion Torrent for up to $725mm in cash and stock, which they believe provides LIFE with another leg to the sequencing story.They also noted that the deal provides LIFE with another interesting product cycle, while also removing the risk of a more significant acquisition.The JPM analysts also noted that LIFE has clearly underperformed YTD as investors sought more cyclical exposure early in the year. At 12x our 2011 EPS estimate, however, they note that the stock remains “cheap on an absolute, relative, and historical basis, while our longer-term favorable view is unchanged, as LIFE continues to be a high-margin, non-cyclical play on increasing life science research and understanding; our rating remains Overweight.”