Benchmark Raises Price Target on Bio-Reference Laboratories (BRLI) Due to Solid Q4 Results and FY12 Outlook

Benchmark is reiterating its Buy rating on shares of Bio-Reference Laboratories (NASDAQ: BRLI) and is increasing its price target from $16 to $19.

The company announced strong Q4 results with earnings growth of 22 percent and sales growth of 20 percent. The firm notes earnings and cash flow growth is being driven by improving operating leverage as new products advance from development to launch.

Management offered FY12 guidance, which calls for more than 15 percent revenue growth and net income expansion of approximately 20 percent. The company also announced plans to begin buying back shares under its 1 million share buyback plan.

For FY12, Benchmark is forecasting EPS of $1.40 on $647.5 million in total sales.

For an analyst ratings summary and ratings history on Bio-Reference Laboratories click here. For more ratings news on Bio-Reference Laboratories click here.

Shares of Bio-Reference Laboratories closed at $12.86 yesterday.

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