UBS analyst Kevin Caliendo started LabCorp with a Buy rating and $169 price target. The analyst thinks Diagnostic EBIT stabilization in the second half of 2019 should provide "support to a re-rating" of the company's multiple. Caliendo sees 2%-7% upside to consensus earnings estimates over the long term driven by high-single-digit Covance revenue growth and capital allocation. The recent underperformance of LabCorp creates a positive risk/reward setup into the 2019 guidance call, says the analyst.

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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