Genzyme reiterated at buy by Merrill

Merrill Lynch analyst Eric End reiterated Genzyme Corp. at buy after Genzyme reported better-than-expected revenue and earnings per share for the second quarter. The company's non-GAAP earnings per share of $0.68 beat Merrill's estimate of $0.64 and was at the high end of the consensus range of $0.64 to $0.69. Total revenue of $793 million beat the analyst's estimate of $771 million and was also at the high end of the consensus range of $766 million to $796 million. The analyst raised his price target to $76 from $74. Shares of the Cambridge, Mass.-based biotechnology company were up 20 cents, or 0.32%, at $62.94 on volume of 4,563,921 shares versus the three-month running average of 3,297,340 shares. (Nasdaq: GENZ)

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