Bio-Rad initiated with an Outperform at RBC Capital

RBC Capital analyst Conor McNamara initiated coverage of Bio-Rad with an Outperform rating and $565 price target. He believes shareholders will benefit from "an extended period of multiple expansion" as Bio-Rad continues to show revenue acceleration and margin improvement, McNamara said. The stock trades at a 60-70% discount to peers and with $200 per share in cash and investments has "the most balance sheet optionality of any company in our sector," the analyst added.