Jefferies upgraded Quest Diagnostics to Buy from Hold with a price target of $155, up from $140. The analyst believes the company’s fiscal 2024 guidance is conservative and sets the stage for outperformance, especially since its “valuation reflects continued investor skepticism.” In addition to robust organic volumes, acquisitions should also contribute to earnings upside this year, just as earnings growth should normalize to high-single-digits beginning 2025, says the firm. It believes that as Quest executes and delivers on earnings goals, its multiple should expand back to historical levels.
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