Bio-Rad downgraded to Neutral on limited visibility at Citi

Citi downgraded Bio-Rad to Neutral from Buy with a price target of $365, down from $400. The analyst says visibility remains limited on the company’s ability to achieve its life sciences revenue ramp given a lack of tangible catalysts. Citi also sees some risk to Bio-Rad’s second half of 2024 margin ramp as well. While the stock’s discounted valuation remains attractive, investors are unlikely to step in until execution is more consistent, contends the firm.