Dougherty & Company Maintains Buy on Bio-Reference Laboratories

Dougherty & Company is out with its report today on Bio-Reference Laboratories BRLI, maintaining Buy. In a note to clients, Dougherty & Company writes, "Our Buy rating and $31.00 price target on BRLI are based on the assumption that investors will be willing to pay at least 11.0x our 2012 EV/EBITDA estimate. We expect BRLI to grow revenue and earnings from continuing operations 15% - 20% or more per year for the next 3 years and beyond. We believe these shares will command a strong multiple because of the company's leadership position in its attractive markets, its track record and growth potential." Shares of BRLI closed Thursday at $23.98.