Labcorp price target raised to $265 from $245 at Jefferies

Jefferies raised the firm’s price target on Labcorp to $265 from $245 and keeps a Buy rating on the shares. As broader healthcare utilization appears to remain elevated, diagnostic lab providers such as Labcorp are also continuing to see continued strength in volumes, says the analyst, who believes this “isn’t being adequately rewarded in the stock’s valuation.” While the firm does see room for Q3 Street numbers to come down, it would argue that it’s already baked into the stock and the firm believes continued M&A activity and a “seeming inflection” in Labcorp’s Early Development business should allow the company to hit full-year guidance, which should drive a recovery in the stock later this year.