Top Stock Confirms Move Higher

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Bio-Reference Laboratories (NASDAQ:BRLI) — This health care facilities company provides laboratory testing to customers inNew York City and other urban areas. The company is expanding esoteric testing, an analysis of rare substances that isn’t performed by most clinical labs.

The stock has risen from $12 to $30 in one year as a result of an improvement in revenues and earnings. FY 2012 earnings (ended in October) are expected to be around $1.51, and FY 2013 estimates are for $1.77.

Technically the stock made an impressive break in June from a cup-and-handle formation and quickly ran from $23 to over $30. It was placed on our Top Stocks to Buy for October list as it consolidated under $30. On Wednesday, it broke from the consolidation through a double-top, confirming its move higher. Our trading target is increased from $35 to $38.

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