UPDATE: Benchmark Company Raises PT on Bio-Reference Laboratories on Organic Earnings Growth Trend

In a report published Friday, Benchmark Company reiterated its Buy rating on Bio-Reference Laboratories BRLI, and raised its price target from $32.00 to $36.00. Benchmark Company noted, “We are increasingly confident in BRLI's organic earnings growth trend. Adjusted for $0.03 estimated impact of hurricane Sandy, EPS in F1Q could have expanded approximately 31%, to $0.34, which widely exceeded our $0.23 forecast. Strong FQ1 results follow approximately 40% EPS growth in F1Q12, which also excludes Management's estimate of Sandy's impact. Encouraged by strong trends in revenue, patient volume and reimbursement per patient, we increase our F2013 EPS forecast to $1.82, from $1.77, and raise our target to $36 from $32.” Bio-Reference Laboratories closed on Thursday at $26.48.