Quest Diagnostics (DGX) PT Raised to $138 at Baird as Company Begins Recovery from COVID

Baird analyst Eric Coldwell raised the price target on Quest Diagnostics (NYSE: DGX) to $138.00 (from $125.00) while maintaining an Outperform rating, citing core testing volumes recovering faster than expected, lab tests are tracking well, and reimbursements have been better than expected.

The analyst stated "DGX pointed 2Q higher in an 8-K this morning and provided a useful update at a scheduled investor conference. Good news had been hinted in recent weeks – COVID testing accelerating, stay-at-home orders lifting, healthcare utilization data points bouncing. Our prior model took a never-waste-a-crisis approach, but we are now formally acknowledging increasing likelihood that COVID is a neutral to net positive event for 2020 (and possibly 2021).

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