UPDATE: Canaccord Genuity Initiates Laboratory Corporation of America Holdings with Buy, $100 PT

Canaccord Genuity initiates its coverage on Laboratory Corporation of America Holdings LH with a Buy rating and a price target of $100. Canaccord Genuity comments, "LabCorp has demonstrated a consistent track record as the low-cost lab provider, with a 5% discount to its closest competitor. Thus, LH does not have to concede on price to win business. Based on field checks, we believe volumes have troughed and expect a modest uptick in physician visits (demographics), new test introductions (esoteric), expanding managed care relationships, and market share gains via acquisitions." LH closed at $88.38 on Wednesday.