LabCorp inches higher in down market following upgrade

Laboratory Corp. of America (LH) is advancing slightly after Glen Losev, an analyst at research firm WallachBeth, upgraded the stock to Buy from Hold. Losev, who set a $97 price target on the shares, expects the company to benefit from the health insurance reform law and the aging of baby boomers. The law should increase the number of people with health insurance, resulting in more visits to doctors and additional lab tests, the analyst believes. Similarly, as the number of patients over the age of 65 increases, more lab tests should be needed, Losev added. Finally, the analyst noted that Laboratory Corp. isn't slated to participate in an upcoming healthcare conference later this week. The company has participated in the conference in past years, wrote Losev. As a result, the analyst thinks that the company may be working on an initiative that could boost the stock. In early trading, Laboratory Corp. added 0.33% to $84.65 amid a broad market sell-off.