BofA analyst Derik de Bruin downgraded Quest Diagnostics to Neutral from Buy with a price target of $148, down from $166, following Q1 earnings and after considering the potential impact from the Haystack Oncology deal. The firm lowered its FY23-FY25 estimates and is now more in-line with the Street, adding that it thinks a lower multiple is more appropriate given fading tailwinds from COVID-19 testing volumes and reimbursement, lingering regulatory uncertainty, and its updated view on outyear margin targets.
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