LabCorp's Stock Soars After Q2 Performance, Analyst Highlights Strong Position In Healthcare Sector
Portfolio Pulse from Vandana Singh
LabCorp (NYSE: LH) reported strong Q2 2024 results with adjusted EPS of $3.94, beating the consensus of $3.78. Sales increased by 6.2% year-over-year to $3.22 billion. Despite cutting its 2024 adjusted EPS outlook, the company raised its revenue growth outlook. William Blair reiterated an Outperform rating, and the stock rose 6.10% to $228.59.
August 01, 2024 | 5:32 pm
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NEUTRAL IMPACT
Quest Diagnostics' recent report set lower expectations for LabCorp, which helped LabCorp's Q2 results appear more favorable. This context may have contributed to the positive market reaction to LabCorp's earnings.
Quest Diagnostics' recent report indirectly influenced the market's perception of LabCorp's results, but the direct impact on Quest Diagnostics' stock is neutral.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
LabCorp reported strong Q2 2024 results with adjusted EPS of $3.94, beating the consensus of $3.78. Sales increased by 6.2% year-over-year to $3.22 billion. Despite cutting its 2024 adjusted EPS outlook, the company raised its revenue growth outlook. William Blair reiterated an Outperform rating, and the stock rose 6.10% to $228.59.
LabCorp's strong Q2 results, beating both EPS and sales estimates, positively impacted the stock price. The raised revenue growth outlook and reaffirmed Outperform rating by William Blair further support a positive short-term impact.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100