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Laboratory Corporation of America (NYSE:LH) Holdings, widely known as LabCorp, has reached a new 52-week high, with its stock price soaring to $248.69. With a market capitalization of $20.58 billion and year-to-date returns of 7.27%, this milestone reflects a significant uptrend in the company's market performance, underpinned by a solid 1-year return of 10.81%. Investors have shown increased confidence in LabCorp's business model and growth prospects, propelling the stock to this new height. The company's ability to adapt and expand its services, particularly in the diagnostics and life sciences sectors, has played a crucial role in its financial success over the past year. According to InvestingPro, the company maintains a GOOD financial health score, with analysts setting price targets ranging from $231 to $293. Get access to 6 more exclusive ProTips and comprehensive analysis with InvestingPro's detailed research report.
In other recent news, Laboratory Corporation of America Holdings, commonly known as LabCorp, has been the subject of several analyst updates. Evercore ISI upgraded LabCorp's stock to "Outperform," citing expected solid growth in base testing and improvements in the Business Lines Services segment. The firm also raised the price target for LabCorp's stock to $265.
LabCorp also released an H5 bird flu test, developed in collaboration with the U.S. Centers for Disease Control and Prevention. This new test underscores LabCorp's ongoing efforts to support healthcare providers and public health agencies by enhancing testing capabilities.
In addition, Jefferies began coverage on LabCorp, assigning the stock a Buy rating with a price target of $275. The firm noted that LabCorp is emerging from a period marked by significant challenges due to COVID-19 and emphasized the company's commitment to diversifying through esoteric testing.
Furthermore, Baird revised its price target for LabCorp, reducing it to $286.00 from the previous target of $289.00, while maintaining an Outperform rating on the company's stock. The firm highlighted LabCorp's Biomarker Testing Solutions segment, stating that its Central Lab operations have been performing notably better than the trend seen in the Contract Research Organization market. These are among the recent developments at LabCorp, a company that continues to navigate a complex market environment.
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