UPDATE: Canaccord Genuity Lowers PT to $97 on Laboratory Corporation of America Holdings
Canaccord Genuity reiterated its Buy rating on Laboratory Corporation of America Holdings (NYSE: LH) and reduced its price target from $100 to $97.
Canaccord Genuity noted, "Although pressures remain, we reiterate our BUY rating as we think LH is the best-of-breed, low-cost lab provider with strong cash flow. We believe LH is growing faster than its competitors, and our survey checks suggest LH should benefit from an uptick in lab utilization next year. … We lower our price target to $97 (from $100), and assume that LH trades at ~13x our revised 2013 adj. EPS estimate of $7.43 (previously $7.50). LH has historically traded at ~14x EPS."
Laboratory Corporation of America Holdings closed at $90.21 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.