Jefferies analyst Brandon Couillard sees options for Bio-Rad Laboratories with regards to its 35% equity in Europe's Sartorius AG. Sartorius is a "highly coveted asset" as a leader in bioprocessing, Couillard tells investors in a research note titled "What If... Revisiting Hidden Value in Sartorius." The analyst's theoretical analysis indicates a 100% takeover of Sartorius would be 30%-40% accretive to cash earnings for Bio-Rad. He assumes a 30% premium in a cash/stock deal worth $5.5B for the 65% of Sartorius that is not already owned. The analyst sees option two as doing nothing. He thinks the Sartorius stake should compound at 15%-plus even without a deal. Assuming success on Bio-Rad's 2020 margin goals, Couillard sees a pathway to $300-$350 per share in two years. The analyst keeps a Buy rating on the name with a $275 price target.