Jefferies Comments On Bio-Rad Laboratories 2Q11 EPS

According to Jefferies, Bio-Rad Laboratories BIO reaffirmed its formal 2011 organic revenue growth outlook of ~5%. Jefferies said that adjusted 2Q11 EPS of $1.41 was $0.06 below consensus as a higher tax rate (-$0.07) offset a better than expected revenue growth experience. The 2011 EPS forecast ($6.15) and price target ($145) are unchanged. “Our $145 PT represents a 10-year discount horizon in our DCF model and implies an EV of 8.5x our 2012 EBITDA forecast. Risks: margin expansion progress, ERP implementation.” Bio-Rad Laboratories closed yesterday at $103.65.