Jefferies Downgrades Quest Diagnostics (DGX) to Hold

Jefferies downgraded Quest Diagnostics (NYSE: DGX) from Buy to Hold and lowers their price target from $67 to $64.

The firm cited "... our belief that anemic volume trends will likely persist longer than previously anticipated."

"While we maintain the expectation that volume growth will accelerate as physician office visits return to more normalized levels, this now appears unlikely to occur in the near-term. With economic conditions continuing to limp along, overall healthcare volumes remain under pressure, as evidenced by our recent hospital volume survey that showed an average 2.2% y/y decline in Q2 inpatient admissions. In addition, over 70% of the respondents expect Q3 volumes to be unchanged or below levels reported in the prior year period."

For more ratings news on Quest Diagnostics click here and for the rating history of Quest Diagnostics click here.

Shares of Quest Diagnostics closed at $58.02 yesterday.

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