Labcorp price target raised to $260 from $240 at BofA

BofA analyst Michael Ryskin raised the firm’s price target on Labcorp (LH) to $260 from $240 and keeps a Buy rating on the shares after updating the firm’s model for the company’s better-than-expected Q2 results and updated FY24 guidance. The core lab business is executing, valuation is “not challenging,” and the Fortrea (FTRE) spinoff simplifies the story, says the analyst, who adds that “Biopharma still needs work.”