UPDATE: Piper Jaffray Downgrades LabCorp of America to Neutral on Softening Volume Outlook

Piper Jaffray reduced its rating on LabCorp of America LH from Overweight to Neutral and lowered its price target from $100 to $96. Piper Jaffray commented, "We are downgrading LH to Neutral and lowering our PT to $96 (13x FY13E EPS) as we believe weak employment growth could lead to slower than expected organic volume growth. Additionally, the recent run in the stock, coupled with potentially weak volume growth and a lack of near-term catalysts, could lead to a pullback or at least keep the stock range-bound over the next several months. While LH could report upside to Q2 EPS on Thursday, likely driven by share repurchases and modest pricing growth, we do not expect a favorable stock reaction." LabCorp of America closed at $94.62 on Monday.