UPDATE: Credit Suisse Upgrades Laboratory Corporation of America Holdings to Outperform, Raises PT as Guidance Remains Interesting

In a report published Monday, Credit Suisse analyst Glen Santangelo upgraded the rating on

from Neutral to Outperform, and raised the price target from $113.00 to $140.00. In the report, Credit Suisse noted, "Since 11/3/14 when the CVD deal was announced, it has been quite interesting to watch the sentiment on the deal swing from the initial negative reaction by investors to the now seemingly bullish view. Since 10/31 (day before the deal) LH shares have appreciated 11% as compared to the S&P which has been up almost 5% in the same timeframe. So while we are admittedly a little late to the party, we believe LH's initial F15 guidance paints a pretty conservative picture, which should keep the guidance, consensus estimates and the shares moving higher. In addition to conservative assumptions regarding the base lab and CRO businesses, the incremental savings from the Project LaunchPad initiative can provide some cushion within the guidance range." Laboratory Corporation of America Holdings closed on Friday at $121.08.