Bio-Rad Laboratories Inc Class A

BIO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$182.00	Pjsf	Vvkqlwlnc

Bio-Rad: Initiating Coverage With Wide Moat Rating and $430 Fair Value Estimate; Shares Undervalued

Jay Lee

May 3, 2024

We initiate coverage of Bio-Rad with a wide moat rating and $430 fair value estimate. We think the company is an attractive long-term investment with significant margin expansion opportunities in its consolidated businesses. Although the company’s profit margins have historically lagged peers, we think the market does not sufficiently appreciate Bio-Rad's progress and momentum in improving its cost structure.

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