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Evercore Initiates Quest Diagnostics With In-Line Rating

NEW YORK – Evercore ISI initiated coverage of Quest Diagnostics Monday with an In-Line Rating and price target of $159.

In a note to investors, Evercore analyst Elizabeth Anderson said the bank sees consolidation within the lab industry and an improved operating environment as favoring Quest but added that a run-up of its stock price in Q4 2022 had priced in much of the recent improvement in its base business and said that the bank was "awaiting a better entry point."

Longer term, Anderson forecast 4 percent to 5 percent growth in Quest's base business as well as "the capacity to continue 2 percent growth from M&A."

She noted that Quest serves roughly 50 percent of US physicians and hospitals.

In Monday afternoon trading on the New York Stock Exchange, Quest shares were up 1 percent to $146.81.