Bank of America Corp. Upgrades Laboratory Corp. of America Holdings to “Buy” (LH)
Laboratory Corp. of America Holdings (NYSE:LH) was upgraded by investment analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, American Banking and Market News reports.
The analysts wrote, “We see some potential for upside to our 2014 view of $6.50 on more accretive share repurchases. While the laboratory sub-sector remains our least favorite, clarity on industry leader Quest Diagnostics’ 2014 opportunity removes an overhang on LH’s stock, suggesting its shares can rebound.”
In other Laboratory Corp. of America Holdings news, CEO David King sold 24,200 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $90.15, for a total value of $2,181,630.00. Following the completion of the sale, the chief executive officer now directly owns 63,699 shares in the company, valued at approximately $5,742,465. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Laboratory Corp. of America Holdings (NYSE:LH) traded up 0.86% on Friday, hitting $89.83. The stock had a trading volume of 1,665,410 shares. Laboratory Corp. of America Holdings has a 52 week low of $87.01 and a 52 week high of $108.00. The stock has a 50-day moving average of $90.72 and a 200-day moving average of $97.57. The company has a market cap of $7.851 billion and a P/E ratio of 14.68.
A number of other firms have also recently commented on LH. Analysts at JMP Securities initiated coverage on shares of Laboratory Corp. of America Holdings in a research note to investors on Wednesday, December 18th. They set a “market perform” rating on the stock. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Laboratory Corp. of America Holdings in a research note to investors on Wednesday, December 11th. They now have a $93.00 price target on the stock, down previously from $101.00. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Laboratory Corp. of America Holdings in a research note to investors on Wednesday, December 11th. They now have a $95.00 price target on the stock, down previously from $110.00. Sixteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $99.81.
Laboratory Corporation of America Holdings is a clinical laboratory company in the United States. Through a national network of laboratories, the Company offers a range of testing services used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease.
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