LabCorp Analysts Boost Their Forecasts After Better-Than-Expected Earnings

Group 1 - Labcorp Holdings Inc reported better-than-expected second-quarter financial results with adjusted EPS of $3.94, up from $3.42 a year ago, beating the consensus of $3.78 [1] - Sales increased 6.2% year-over-year to $3.22 billion, surpassing the consensus of $3.19 billion [1] - Diagnostics Laboratories revenue for the quarter was $2.52 billion, an increase of 7.9%, while Biopharma Laboratory Services revenue increased 1.1% to $707.0 million [2] Group 2 - Labcorp revised its 2024 adjusted EPS outlook down from $14.45-$15.35 to $14.30-$14.90, compared to the consensus of $14.82 [2] - The company raised its 2024 revenue growth outlook from 4.8%-6.4% to 6.4%-7.5%, compared to the consensus of $12.83 billion [2] - Labcorp shares gained 0.1% to trade at $233.71 following the earnings announcement [2] Group 3 - Analysts made changes to their price targets on Labcorp after the earnings announcement, with Truist Securities raising the target from $255 to $275 while maintaining a Buy rating [3] - Baird analyst increased the price target from $261 to $277 while maintaining an Outperform rating [3] - Barclays analyst boosted the price target from $213 to $249 while maintaining an Equal-Weight rating [3]