Leerink initiated coverage of Quest Diagnostics with a Market Perform rating and $135 price target. Quest remains one of the clear market leaders in the independent clinical lab space, positioning the company for both organic and inorganic share gains over the next few years, the analyst tells investors in a research note. However, the firm says fiscal 2024 is a trough year for growth, with clarity still needed on the stability of utilization/reimbursement rates to generate upside. Leerink believes Quest’s catalysts appear to be somewhat uncertain near-term.
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