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Merrill Lynch maintains Genzyme at neutral
Genzyme Corp. was maintained by Merrill Lynch analyst Eric Ende at a neutral rating despite third-quarter results that beat estimates. Earnings per share were $0.61 versus Merrill Lynch estimates of $0.60 a share and consensus of $0.58 a share. Merrill Lynch said Genzyme's Renegal showed strength with sales of $107 million, over estimates of $103 million. Merrill Lynch said it is raising earnings per share estimates to $2.30 from $2.29 in 2005 in light of strong revenue and good expense control, but doesn't think results justify a buy rating. Shares of the Cambridge, Mass.-based biotechnology company were up $0.13, or 0.19%, at $69.45 on volume of 3,325,430 shares versus the three-month running average of 2,450,460 shares.
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