2Q26 Wrap and Management Q&A: Proof Points Support a Constructive Enterprise View; PT To $361 (From $320)

研报英文原文证据摘录

2Q26 Wrap and Management Q&A: Proof Points Support a Constructive Enterprise View; PT To $361 (From $320)

Global Research

31 July 2026ab

Labcorp Holdings Inc Equities

United States2Q26 Wrap and Management Q&A: Proof Points

Support a Constructive Enterprise View; PT To Healthcare Providers

12-month rating Buy$361 (From $320)

12m price target US$361.00

Prior : US$320.00

UBS View: 2Q Reinforces Positive Thesis; Investor Day Needs To Crystallize Price (30 Jul 2026) US$315.53

Long-Term Story

RIC: LH.N BBG: LH US

LH delivered stable, above-peer utilization when adjusted for reporting idiosyncracies

(i.e. organic volume growth appears to be in-line with peers and above market), Trading data and key metrics

continued pricing positives (like at DGX, revenue-per-accession continues to improve 52-wk range US$315.53-246.64

post-COVID) and tangible Biopharma execution. Dx fundamentals remain consistent to Market cap. US$25.8b

slightly ahead of our expectations, and an emerging Early Development turnaround Shares o/s 81.7m (COM)

could provide a catalyst for improved holder returns for that business. We look to the Free float 100%

September 16 Analyst Day for added clarity on the longer-term balance of organic and Avg. daily volume ('000) 231

M&A growth.That said, in our post call conversation with CFO Julia Wang (see Avg. daily value (m) US$62

Management Q&A), the company expressed confidence in an active M&A pipeline with

Common s/h equity (12/26E) US$8.85b

no legislative impediments. Further, management remains confident in meaningful

P/BV (12/26E) 2.9x

enterprise margin expansion, supported by improving Biopharma profitability, Central

Net debt to EBITDA (12/26E) 2.0x

Lab volume strength and benefits from Early Development strategic actions. Our Buy

thesis remains intact.