Bio-Rad price target lowered to $350 from $400 at Citi

Citi analyst Patrick Donnelly lowered the firm’s price target on Bio-Rad (BIO) to $350 from $400 and keeps a Buy rating on the shares following the Q1 report. While Q1 beat estimates, the company lowered the fiscal year growth guidance by 225 basis points to reflect softer demand among U.S. academic, government and biotech customers, particularly on the instrument business, the analyst tells investors in a research note. The firm updated Bio-Rad’s model for the quarter and guidance.