UPDATE: Dougherty & Company Downgrades Bio-Rad Laboratories

According to a research report published this morning, Dougherty & Company has downgraded Bio-Rad Laboratories

from Buy to Neutral. In the report, Dougherty & Company mentioned, "Our NEUTRAL rated stance is predicated on the following: 1) A slower-than-expected start to the new year on the sales front – although management is maintaining full-year sales guidance of 3.5% to 4.5% on an FXneutral basis. 2) Margin pressure which management has said could continue into CY13 (i.e., ERP, R&D initiatives, etc.). 3) With the stock currently trading at ~16.6x on our new CY13 EPS estimate of $6.50 (vs. peer valuation of 15-17x), we believe it's fully-valued at these levels, given the pending headwinds." Doughtery & Company maintains its $108 PT on Bio-Rad Laboratories, which is currently trading at $105.36.