UPDATE: Citi Raising Price Target on Laboratory Corp of America

Citi Investment Research is out with a research report on Laboratory Corp of America LH and it has a Buy rating and is raising its price target to $83 from $82. In a note to clients, Citi Investment Research writes, "3Q11 revenue, gross margin, operating income and cash EPS (with normalized tax rate) were all slightly below consensus expectations, but very similar to our published estimates. Therefore, we have a neutral view of the quarterly results. The anticipated and realized weakness in 3Q volumes leads us to tweak 2012 volume growth lower, but this is largely offset by slightly higher share repurchase activity. An array of environmental challenges make us hesitant to argue for a premium valuation to the S&P500, so we are content to maintain our Neutral rating." Shares of LH are off 87 cents to $81.07.