UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Quest Diagnostics

In a report published Monday, Jefferies & Company reiterated its Hold rating on Quest Diagnostics

, but lowered its price target from $63.00 to $59.00. Jefferies noted, “We continue to have a neutral view on DGX given our belief that ongoing weakness in lab volumes will persist and keep the stock rangebound near-term. While we are optimistic that mgmt's efforts to restructure operations and rationalize expenses will achieve their targets, we recognize that this process, which could be the key catalyst for the stock, will take time to complete.” Quest Diagnostics closed on Friday at $57.94.