Millipore cut by Merrill Lynch to neutral

Millipore Corp. was downgraded by Merrill Lynch analyst Darryl Pardi to neutral from buy in light of an intra-day price of $63.40 per share, which was above Merrill's price target of $61. After raising EPS estimates for Millipore early Wednesday, Merrill said the surge in the stock was a surprise since the company reported mixed second-quarter results. Millipore shares Wednesday gained $4.33, or 7.40%, to $62.83 on volume of 1,694,400 shares versus the three-month running average of 454,173 shares.

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