New York, July 20 (FinanceEnquiry.com) – Analyst Jeffrey Loo at S&P CAPITAL IQ downgrades their ratings on Lab Corporation of America from BUY to HOLD. The 12-month target price has been reduced from $116 to $98.
In a research note published yesterday, the analyst mentions that the target price has been reduced on the basis of 1.3x PEG ratio matching with competitors following Q2 results. The EPS of $1.77 against $1.64, above bank’s estimate by $0.02.
The sales grew modestly by 1.4 percent on flat volume and a rise of 1.5 percent in revenue per acquisition. The estimate of improving volume growth on better physician visit metrics have moderated and slow volume growth into 2013 has been viewed. However, esoteric testing volume increased 1.3 percent which helps revenue per requisition. LH has reduced 2012 EPS forecast from $6.57-$7.05 to $6.80-$7.0 and also lowers sales growth estimate from 2-3.5 percent to 2-3 percent, the analyst says.
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