Deutsche Bank Comments on PerkinElmer's Acquisition of Caliper Life Sciences

Deutsche Bank released a research report this morning, in which it reiterates its Buy rating on PerkinElmer

with a price target of $26. The Deutsche Bank analysts commented on PerkinElmer's acquisition of Caliper Life Sciences

, stating that "PKI expects the deal to be ~$0.08 accretive to its 2012 non-GAAP EPS, with early synergies coming from the removal of duplicate costs as well as revenue contribution." According to various valuation methodologies, Deutsche Bank projects "adjusted P/E of 16x our FY11 EPS estimate of $1.65 and 14x our FY12 EPS estimate of $1.80, with $26.00 being the midpoint of our DCF range." PerkinElmer closed at $20.55 and Caliper Life Sciences closed at $10.54 yesterday.