UBS upgrades Quest Diagnostics, says stock can rise even as Covid testing slows

A Quest Diagnostics requisition form is displayed for a photograph at Perry Memorial Hospital in Princeton, Illinois, U.S..
Daniel Acker | Bloomberg | Getty Images

The market appears to be overly concerned about the impact of falling Covid cases on Quest Diagnostics, and investors should take advantage, according to UBS.

Analyst Kevin Caliendo upgraded the stock on Tuesday to buy from neutral, saying industry fundamentals appeared to be at their healthiest point in more than a decade even as the revenue stream from Covid testing wanes.

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