Bio-Rad initiated with a Buy at UBS

UBS initiated coverage of Bio-Rad with a Buy rating and $395 price target. The analyst has a constructive view of the company’s margin expansion opportunity and product cycles. The spread between Bio-Rad’s industry lagging operating margins and incremental margins on volume growth is high, which positions the company for outsized margin expansion once volumes recover from 2024 to 2026, the analyst tells investors in a research note.