Piper Jaffray Reiterates Overweight, $102 PT on LabCorp of America

In a company note, Piper Jaffray maintains its Overweight rating and $102 price target on LabCorp of America LH on lab tour highlights of the company's leadership, innovation and clinical trials business. Piper Jaffray says, “Palmetto's LCD for molecular diagnostics not likely to have a significant impact on LH. While the comment period for Palmetto GBA's local coverage determination (LCD) for molecular diagnostic testing and lab developed tests (LDTs) ends in a few days (Dec. 5th), we would not be surprised if the scope of the LCD is narrowed. Even though LabCorp continues to work judiciously with the American Clinical Laboratory Association (ACLA) and Palmetto, we believe the LCD will not have much of an impact on LH since the company is conservative with its approach to billing and coding.” LH closed at $86.10 per share on Thursday.