LabCorp's Drug Development Segment Enhances Growth; We've Raised Our Fair Value Estimate
LabCorp capped off 2017 with strong performance in the fourth quarter that modestly exceeded our expectations, and we’ve raised our fair value estimate to $184 per share. We’ve bumped up our projections for higher growth in the drug development segment, as well as improving profitability thanks to new cost efficiencies. This accounts for slightly more than half the increase in our valuation. Just under half the increase was driven by the firm’s new lower effective tax rate. We remain confident i...
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