Wolfe Research started Quest Diagnostics with an Underperform rating and $83 price target, citing concerns about the 2021 impact of PAMA and the view that almost all of its free cash flow is "spoken for" over the next few years.

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.

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Quest Diagnostics announced the launch of a new blood biomarker test for phosphorylated tau 217, or p-tau217. P-tau217 is a biomarker associated with Alzheimer's Disease, supported by research as useful for an early diagnosis of AD. The test is the latest addition to the AD-Detect portfolio of blood tests for assessing the risk of Alzheimer's Disease, which also includes testing for an array of AD biomarkers, including p-tau181 and amyloid beta proteins, as well as Apolipoprotein E isoform and plasma testing, for patients with cognitive impairment. The test is expected to be available for ordering on April 26.