UPDATE: Benchmark Raises PT to $27 on Bio-Reference Labs

Benchmark raises its price target to $27 on Buy-rated Bio-Reference Labs BRLI as the company's earnings gear on BRLI's transitions from development to launch. Benchmark notes, "We believe earnings and cash flow are benefiting from improving operating leverage as new products advance from development to launch. The OnkoMatch tumor genotyping program was launched in January and BRLI's Inherigen panethnic carrier screening panel is scheduled to be launched during the current fiscal quarter. Expanded investment to develop these programs weighed on gross margin throughout most of F2011. We believe gross margin and overall profitability improved as product development activity diminished in FQ1 and F4Q." BRLI closed at $22.28 a share yesterday.