Labcorp price target raised to $283 from $270 at Morgan Stanley

Morgan Stanley analyst Erin Wright raised the firm’s price target on Labcorp (LH) to $283 from $270 and keeps an Overweight rating on the shares. After having hosted a call with the company’s CEO and CFO, the firm walked away “bullish” on Labcorp’s growth prospects in what the executives characterized as “a new, higher level of core utilization,” the analyst tells investors. While making no changes to underlying growth assumptions at this point, the firm is raising its target price to reflect greater conviction in the company’s growth prospects in light of a more durable utilization backdrop, the analyst added.