Volume Hits the Mark: Quest Diagnostics | North America

Research evidence excerpt

Volume Hits the Mark: Quest Diagnostics | North America

Update

July 23, 2026 12:09 PM GMT

Morgan Stanley & Co. LLCMQuest Diagnostics | North America Erin Wright

Equity Analyst

Volume Hits the Mark Erin.Wright1@morganstanley.comMichelle Foley +1 212 761-6137

Research Associate

Michelle.Foley@morganstanley.com +1 212 761-4056

AlphaSignals Earnings Reaction Linda Bolduc

Unchanged Modest upside Modest revision higher Linda.Bolduc@morganstanley.com +1 617 856-8009

Impact to our thesis Financial results versus consensus Direction of next 12-month Derek Gross

consensus EPS

Source: Company data, Morgan Stanley Research Derek.Gross@morganstanley.com +1 212 761-2455

Craig Hettenbach

Shares Should Rise on Robust Volume and Guidance Raise: DGX’s 2Q EPS of $3.12 Equity Analyst

Craig.Hettenbach@morganstanley.com +1 212 761-6435

beat our/Cons forecast of $2.82, with profitability slightly ahead (+1c vs. MSe) and

Jialin Jin

factors below the line adding 29c, driven largely by tax (+17c vs. MSe). Eyes have Research Associate

been on utilization concerns heading into the print given tidbits from MCOs and Jay.Jin@morganstanley.com +1 212 761-3913

hospitals QTD, but DGX's print proves its solid position in the current backdrop. Quest Diagnostics Inc. (DGX.N, DGX UN)

Volume dynamics in 2Q were impressive at +13% organic vs. Cons. 8.6%, likely Healthcare Services & Distribution | United States of

supported by Corewell/Fresenius relationships. Focus will be on utilization America

commentary, where DGX noted strong/stable trends on our C-Suite call in June (see Stock Rating Overweight

Industry View Attractive

here) and which the volume print seems to support. Importantly, it raised its 2026 Price target $226.00

EPS guidance to $11.05-$11.25 (+42c at the midpoint vs. 30c beat and vs.