Citi Reiterates Neutral Rating on Bio-Rad Labs (BIO)

Citi analyst Patrick Donnelly reiterated a Neutral rating and $300.00 price target on Bio-Rad Labs (NYSE: BIO).

The analyst comments "Last week, we hosted BIO management including CEO Norman Schwartz and CFO Roop Lakkaraju for meetings with investors in NYC. In Life Sciences, management has had more constructive conversations with customers, but the conversion into orders/revenue remains slow with limited visibility. ddPCR is still muted and process media is still impacted by destocking which is expected to persist through the rest of 2024 (though improve somewhat sequentially). In Diagnostics, visibility is better, and management pointed to some consumable pull-through from the increased number of instrument placements in 2023. Regarding China, current guidance doesn’t anticipate any uptick/tailwinds from stimulus. Management remains committed to its SRT stake in the NT. In our view, management seemed willing to acknowledge the ongoing headwinds the company is seeing and given the assumed ramp in 2H, we see it likely that FY guidance will be revised lower to a more reasonable range on the 2Q call."

For an analyst ratings summary and ratings history on Bio-Rad Labs click here. For more ratings news on Bio-Rad Labs click here.

Shares of Bio-Rad Labs closed at $287.02 yesterday.

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