They call the valuation "attractive" and raise the price target from 85 to 95. Here's an excerpt:

Shares should rise; valuation still attractive
Shares of BIO should rise tomorrow on the stronger 2Q09 earnings experience
and stable organic revenue growth outlook that remains in the upper echelon of its
peer group. BIO's EV implies a 6.1 multiple on our revised 2010 EBITDA forecast,
a 21% discount to a blended average of its Life Science and Clinical Diagnostics
peers and a 20% discount to historical levels. We continue to believe such a
disparity will narrow as appreciation for the resiliency of BIO's organic revenue
trends grows and confidence in its cash flow and profit trends improves