Canaccord Genuity Sticks to Its Hold Rating for Laboratory Corp (LH)


Canaccord Genuity analyst Mark Massaro maintained a Hold rating on Laboratory Corp (LH) yesterday and set a price target of $173. The company’s shares closed yesterday at $171.77.

Massaro commented:

“We acknowledge LH is reasonably valued at ~14x consensus’ 2020 earnings, but we think it is a fair valuation. We attribute the stock’s +35% YTD return this year as it benefits from being included in the S&P 500 index, and given its discount to that index. We reiterate our HOLD and $173 PT, which uses a ~14.3x multiple on our 2020E Adj. EPS of $12.05.”

According to TipRanks.com, Massaro is a top 100 analyst with an average return of 21.4% and a 64.6% success rate. Massaro covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Meridian Bioscience Inc, and Quanterix Corporation.

Laboratory Corp has an analyst consensus of Moderate Buy, with a price target consensus of $181.50, which is a 5.7% upside from current levels. In a report issued on July 16, Merrill Lynch also upgraded the stock to Hold with a $182 price target.

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Laboratory Corp’s market cap is currently $16.92B and has a P/E ratio of 19.53. The company has a Price to Book ratio of 2.38.

Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock.

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Laboratory Corp. of America Holdings is a clinical laboratory company, which engages in the provision of clinical laboratory and end-to-end drug development services. It operates through the LabCorp Diagnostics and Covance Drug Development segments. The LabCorp Diagnostics segment includes core testing as well as genomic and esoteric testing.

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