Mizuho Securities Downgrades Quest Diagnostics (DGX) to Neutral
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Mizuho Securities downgraded Quest Diagnostics (NYSE: DGX) from Buy to Neutral with a price target of $86.00 (from $84.00) on valuation after solid run.
Analyst Ann Hynes commented, "We are downgrading DGX from Buy to Neutral. Since we upgraded the stock on March 1, 2016, DGX (+26%) has outperformed the S&P 500 Healthcare (+10%) and S&P 500 (+13%). The reason for the downgrade is simple: valuation. Our new price target of $86 is based on 17.0x our 2017E adjusted EPS which is the “high” trading average for the clinical laboratory group over the past ten-years. We cannot justify a higher multiple that would be required to maintain a Buy rating. We remain positive on the operational outlook and management team of DGX."
Shares of Quest Diagnostics closed at $83.54 yesterday.
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