UPDATE: Bank of America Upgrades LabCorp on 2014 Industry Clarity
In a report published Friday, Bank of America Merrill Lynch analyst Robert Willoughby upgraded Laboratory Corporation of America (NYSE: LH) to Buy based on better clarity in the industry in 2014.
Willoughby noted that LabCorp of America is facing lower reimbursement and weak, continuing growth metrics. Despite these challenges and the resulting issues with earnings and growth rate, the company's recalibrated fourth quarter and 2014 EPS expectations adequately reflect these issues. In addition, “We see some potential for upside to our 2014 view of $6.50 on more accretive share repurchases. While the laboratory sub-sector remains our least favorite, clarity on industry leader Quest Diagnostics' 2014 opportunity removes an overhang on LH's stock, suggesting its shares can rebound.”
Shares of LabCorp have fallen 17.1% from a recent high in November. LapCorp closed at $89.06 on Thursday and shares are currently trading up 1.11% at $90.05.
Latest Ratings for LH
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jan 2019 | Bank of America | Downgrades | Neutral | Underperform |
| Dec 2018 | KeyBanc | Maintains | Overweight | Overweight |
| Dec 2018 | Barclays | Maintains | Overweight | Overweight |
View More Analyst Ratings for LH
View the Latest Analyst Ratings
Posted-In: Bank of America Merrill Lynch Robert WilloughbyAnalyst Color Upgrades Analyst Ratings
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
