UPDATE: Canaccord Genuity Reduces PT to $59 on Quest Diagnostics

Canaccord Genuity reiterated its Hold rating on Quest Diagnostics

and reduced its price target from $60 to $59. Canaccord Genuity noted, "We reiterate our HOLD following soft 3Q results. Utilization, pricing, and share shift from labs to hospitals remain significant pressures, causing a lower 2012 outlook. While we appreciate the acceleration of the cost- cutting and debt repayment, we remain on the sidelines. … Lowering our 2012E revenue growth rate to 0.4% from 1.5% and our EPS estimate to $4.55 from $4.58. For 2013, we lowered our revenue growth to 0.5% from 2.1% and our EPS estimate to $4.90 from $4.95, lowering our PT to $59 from $60." Quest Diagnostics closed at $63.37 on Tuesday.