Citi upgraded Bio-Rad to Buy from Neutral with a price target of $400, up from $350. At a time when there remains “much uncertainty” in tools, Bio-Rad is one of the names where estimates are appropriately de-risked in the second half of 2024 into 2025, following the Q2 guidance cut, the analyst tells investors in a research note. The firm also believes the positive signs in life sciences in Q2 and the company’s supply chain initiatives underway “provide some cushion.” The depth of the guidance cut has finally put Bio-Rad in a position where downside risk is much more limited, contends Citi. It believes the stock should work if company can hit numbers.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIO:
- Bio-Rad COO Last sells $990K in company shares
- S&P announces changes to S&P 400, 600 indexes for quarterly rebalance
- Palantir, Dell Technologies, Erie Indemnity to be added to S&P 500 on 9/23
- Wells Fargo initiates Bio-Rad with an Equal Weight, $340 price target
- Bio-Rad initiated with an Equal Weight at Wells Fargo