UPDATE: Bank of America Lowers PT on Bio-Reference Laboratories Following Management Meetings

In a report published Tuesday, Bank of America analyst Robert M. Willoughby reiterated a Buy rating on Bio-Reference Laboratories BRLI, but lowered the price target from $34.00 to $33.00. In the report, Bank of America noted, “We hosted meetings with institutional investors and CEO Marc Grodman in Boston. Most of the focus was on the issues behind its negative 4Q13 pre-announcement on November 27 and their relevance to the industry. While we are maintaining our Buy rating on the stock with the earnings recalibration behind it, we are now modelling a weaker 1H14 EPS outlook on lower near term profit forecasts and relying on a stronger 2H14 experience. We are reducing our P.O. to $33 (from $34) on what we expect will be less favorable near term sentiment for the clinical laboratory industry.” Bio-Reference Laboratories closed on Monday at $28.13.