LabCorp slips after Citi downgrades stock to 'neutral'

Laboratory of America Holdings

12/12/2022 16:52

** Shares of Laboratory Corporation of America Holdings
 LH.N  fall 3.1% to $226.4 
    ** Citi Research downgrades the clinical lab operator's
stock to "neutral" and cuts target price to $250 from $275
    ** LH is vulnerable to headline risk related to illegal
importation of non-human primates (NHP) from Cambodia - Citi
    ** NHPs were the main animals employed in many pre-clinical
tests
    ** Brokerage names ICON Plc  ICLR.O  as a preferable
contract research organization as it offers margin expansion and
earnings growth
    ** ICLR trading up 1.2% at $197.10
    ** 13 of 16 brokerages rate LH "buy" or higher, and 3
"hold"; their median PT is $275
    ** Stock down 28% YTD
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))