UPDATE: KeyBanc Downgrades Laboratory Corporation of America (LH) to Sector Weight (earlier)

(Updated - April 29, 2020 4:20 PM EDT)

(updating comment)

KeyBanc analyst Donald Hooker downgraded Laboratory Corporation of America (NYSE: LH) from Overweight to Sector Weight.

The analyst comments "We are downgrading LH to Sector Weight after the sharp recovery in the share price over the past month (up ~68% since 03/23/20 vs. the S&P 500 up ~28%). The COVID-19 outbreak is negatively impacting results, as expected, and management withdrew its 2020 guidance due to the lack of visibility. Much of the optimism from here is the potential for incremental volume from LH’s new serological antibody test, but, for now, this is difficult to quantify. LH is currently trading at ~10x our revised 2021 EBITDA outlook of ~$2.4B."

For an analyst ratings summary and ratings history on Laboratory Corporation of America click here. For more ratings news on Laboratory Corporation of America click here.

Shares of Laboratory Corporation of America closed at $175.96 yesterday.

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