JPMorgan raised the firm’s price target on Quest Diagnostics to $153 from $149 and keeps a Neutral rating on the shares. Between weight loss drugs, the risk adjustment data validation rule, higher utilization, and Medicaid redeterminations, this past year presented a series of changes to the fundamental landscape for managed care and facilities, the analyst tells investors in a research note. Looking to 2024, the firm believes growth, stability, and cash flow will remain front of mind for investors “with quality management teams and sound capital allocation being a priority.” JPMorgan believes large, diversified managed care originations with strong cash flow are best positioned in 2024. In addition, the prescription channel and distributors specifically should again perform well, the firm adds. Its top picks for 2024 include Cigna (CI), UnitedHealth Group (UNH) and CVS Health (CVS).
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