Jefferies reiterated a Hold rating on Quest Diagnostics (NYSE: DGX), and raised the price target to $86.00 (from $75.00), following the company's 2Q earnings report. DGX posted its 3rd consecutive quarter of positive organic volume growth. However, pricing remains under pressure.

Analyst Brian Tanquilut commented, "We are maintaining our Hold on DGX primarily due to its valuation (10x EBITDA, 16x P/E on ~7% EPS growth). That said, we see modestly positive volumes, a consistent dividend, and an emerging opportunity with hospital outreach labs as factors that would help hold the stock's valuation steady at current levels."

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Shares of Quest Diagnostics closed at $84.02 yesterday.