Fly News Breaks for July 15, 2019
Jul 15, 2019 | 06:18 EDT
Goldman Sachs analyst Patrick Donnelly downgraded Quest Diagnostics (DGX) to Sell from Neutral and lowered his price target for the shares to $85 from $90. The company remains in a flat- to low-single-digit organic growth environment which will constrain operating profit and free cash flow growth, Donnelly tells investors in a research note. Further, the analyst sees "little reason for optimism" in the near term around the UnitedHealth (UNH) Preferred Lab Network. The incentive structure to further narrow lab use is uncertain and "in-network" status is most likely to continue to dominate volume flow, says Donnelly. He sees downside risk to Quest's to out-year estimates "as the lab business struggles to grow organically."
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