Jefferies analyst Brian Tanquilut upgraded both Quest Diagnostics (DGX) and Laboratory Corp. of America (LH) to Buy from Hold on the belief that UnitedHealth's (UNH) rollout on July 1 of its preferred lab network will be a positive catalyst for both stocks. Quest and LabCorp's likely inclusion should bolster their organic growth beginning in 2020, Tanquilut tells investors in a research note. The analyst finds both stocks "compelling" with their 2019 outlooks "seemingly de-risked with fairly conservative guidance ranges" and 2020 consensus estimates "looking conservative." Further, Quest's and LabCorp's valuations are at below-historical relative averages, Tanquilut contends. The analyst raised his price target for Laboratory Corp. to $190 from $154 and for Quest to $107 from $93.

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Consensus $14.82. The company said, "Labcorp is updating 2024 full year guidance to reflect its first quarter performance and full year outlook. The following guidance assumes foreign exchange rates effective as of March 31, 2024, for the remainder of the year. Enterprise level guidance includes the estimated impact from currently anticipated capital allocation, including acquisitions, share repurchases and dividends."

Invitae (NVTA) announced that Labcorp (LH) has been selected as the winning bidder in the Company's auction in its sale process under Section 363 of the U.S. Bankruptcy Code. Labcorp will acquire substantially all of the Company's assets on a going concern basis for $239 million in cash consideration, plus other non-cash consideration. The hearing to approve the sale is currently scheduled for May 6, 2024. With Court approval, as well as customary regulatory approvals and closing conditions, Labcorp and Invitae anticipate completing the sale process in the third quarter of 2024.

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Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.

UBS raised the firm's price target on Quest Diagnostics to $146 from $139 and keeps a Neutral rating on the shares. UBS is more confident that Quest can hit its margin expansion story following the Q2 print and the firm's call with management, the analyst tells investors in a research note. Labor cost trends seem to have already peaked and Covid revenues should no longer be a headwind starting 2H, while above market base volume growth continues, the firm notes.

Citi raised the firm's price target on Quest Diagnostics to $145 from $135 and keeps a Neutral rating on the shares post the Q1 report. The company increased the midpoint of its fiscal 2024 revenue target and management anticipates the rest of fiscal year to follow regular seasonality on a revenue and margin basis with a step-up into Q2, the analyst tells investors in a research note.